Ullico Funds $120M White Plains Parking Garage Project
The 36-month construction project requires exclusive use of union labor for all build phases.
Updated on Oct. 27, 2026 in Construction
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Ullico has closed a $120 million construction loan for a 1,950-space parking garage in White Plains, New York. The facility will be leased to White Plains Hospital under a long-term agreement.
Why it matters
The financing requires the exclusive use of union labor for all construction activities, marking a significant commitment to union-only labor standards for this municipal infrastructure project. The project is backed by The Union Labor Life Insurance Company's Separate Account J.
The $120 million construction loan, which includes a 50% participation from First Citizen, supports a 1,950-space garage. This project adds to a portfolio of over 600 real estate developments financed by J for Jobs since its 1977 inception.
The players
Ullico
An insurance and financial services company that specializes in labor-management solutions and infrastructure investment.
Louis Cappelli
A real estate developer who owns the single-purpose entity managing the construction project.
White Plains Hospital
A regional medical facility that has entered a long-term agreement to lease the new parking structure.
First Citizen
A financial institution maintaining a 50% participation stake in the construction loan.
The details
The loan operates on a 36-month term with an interest rate floating over SOFR. Managed by developer Louis Cappelli through a single-purpose entity, the construction mandate requires the use of union labor throughout the build. Once completed, the structure will provide dedicated parking capacity for White Plains Hospital.
Timeline
October 27, 2026: The construction loan officially closed.
1977: The J for Jobs program launched.
Market Landscape
The project follows the established investment strategy of The Union Labor Life Insurance Company's Separate Account J, which has deployed $22 billion in capital across 600 projects. The deal reinforces a model of coupling private capital with specific labor-sourcing mandates.
Operators in the region should note the 36-month construction timeline and the union-labor requirement as a benchmark for local large-scale development costs. Future procurement or service contracts for the facility may be influenced by these initial labor and financing terms.
The takeaway
Large-scale commercial projects with long-term anchor tenants like hospitals often carry specific labor-sourcing mandates that dictate general contractor selection. Developers should track these financing structures as indicators of which labor agreements are currently being prioritized by institutional lenders.
Further reading
For broader trends in regional infrastructure development, see Construction.
Source note: This article includes information reported by Coverager - Insurance news and insights.
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