Ullico Secures $120 Million Loan for White Plains Garage
Developer Louis Cappelli plans to build a 1,950-space parking structure tied to White Plains Hospital.
Updated on Oct. 27, 2026 in Construction
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Ullico has finalized a $120 million construction loan to fund a large-scale parking facility in White Plains. The project, which involves developer Louis Cappelli, will feature 1,950 spaces and serve White Plains Hospital through a long-term lease.
Why it matters
The financing project bolsters critical healthcare infrastructure in White Plains while mandating the exclusive use of union labor for all construction work. This capital injection supports the expansion of services tied to the hospital system's operational needs.
The loan for the 1,950-space facility carries a 36-month term with First Citizen holding a 50% participation stake. Since 1977, the lender has provided more than $22 billion in financing across over 600 real estate projects.
The players
Ullico
Also known as The Union Labor Life Insurance Company, this firm specializes in investment and insurance products for labor organizations.
Louis Cappelli
He is a prominent real estate developer involved in various commercial and residential projects across the New York region.
White Plains Hospital
This major healthcare institution serves as a central medical hub for the White Plains community and surrounding areas.
The details
The loan was facilitated through the Separate Account J platform, which requires all building activities to be completed by unionized labor forces. Upon completion, the new parking structure will connect directly to the adjacent hospital campus.
Timeline
October 27, 2026: The construction loan officially closed.
1977: J for Jobs launched its real estate financing program.
Market Landscape
This deal underscores the persistent demand for institutional capital in specialized infrastructure projects like hospital-linked parking. It aligns with the J for Jobs investment mandate, which requires that all supported developments utilize union labor for construction.
Residents and patients visiting the hospital will eventually benefit from the addition of 1,950 parking spaces to the local campus. The project ensures that local construction workers are utilized throughout the 36-month development term.
The takeaway
Large-scale institutional lending often integrates specific labor requirements that can influence local job markets during the construction phase. Stakeholders should note that such long-term financing agreements reflect the capital-intensive nature of supporting major healthcare facilities.
Further reading
For more news on regional developments, visit the Construction section.
Source note: This article includes information reported by Coverager - Insurance news and insights.
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