NEW YORK CITY-Wellsford/Whitehall Group LLC, an affiliate of Wellsford Real Properties Inc., has acquired a three-year, $353-million credit facility with initial funding of $273 million, excluding transaction costs. The balance will be available to fund capital expenditures and when certain operating results have been achieved from several office properties.

Interests in 24 office buildings in northern New Jersey, Boston and Baltimore/Washington, DC secure the facility, which replaces one that was due to mature this December. It had a balance of $203 million prior to its repayment, along with financings of two properties with an aggregate outstanding balance of $36 million.

Terms of the new facility include interest at LIBOR plus 2.9% per year, and an initial June 2004 maturity with options for two 12-month extensions, subject to certain operating and valuation covenants.

Edward Lowenthal, president of WRP, notes on the refinancing that, “At this time, when few sale transactions are being consummated, this financing gives us excellent flexibility. It extends for five years the firm’s ability to own and operate the portfolio without debt maturity risk while permitting us to sell assets when we deem it appropriate.”

WRP, based here, is a real estate merchant banking firm. Whitehall is a private equity fund managed by the Goldman Sachs Group Inc.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.