realestate

Developer Secures Loan Extension for Controversial Aztec-Inspired Project in Westchester

RPW Group secures loan modification for Westchester County office property

R
PW Group successfully negotiated a loan modification for a Westchester County office property, demonstrating that special servicers are still offering opportunities to long-term owners of prestigious assets. The negotiations with special servicer Rialto Capital Advisors resulted in a three-year extension for RPW to repay the $110 million mortgage on the office complex in Rye Brook, New York. Despite the property being a Class-B office park last renovated in 1997, RPW was able to secure the extension by committing additional equity. The loan was also secured by a neighboring Class-A property, which provided confidence in RPW's ability to address occupancy challenges. The extension reflects Rialto's belief in RPW's capacity to address leasing needs and maintain the property's quality. RPW's president expressed pride in owning the property for 20 years and highlighted the company's history of acquiring office buildings with food industry ties.

Aztec-inspired project in Westchester gets loan extension, developer secures funding.