Charles S. Cohen.Developer Charles S. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. has announced that he has refinanced 333 Westchester Ave., the former Kraft Foods Kraft Foods Inc. (NYSE: KFT) is the largest food and beverage company headquartered in North America and the second largest in the world after Nestlé SA. The Philip Morris Company (now known as Altria Group), a company that produces tobacco products, acquired Kraft for headquarters complex in White Plains, N.Y. Cohen Brothers Realty Corporation has taken over the leasing assignment for the 600,000 SF property, which is being redeveloped into a multi-tenant corporate center. The $77 million financing package consists of a construction loan from Canadian Imperial Bank and long-term take-out financing from the Union Labor Life Insurance Company The Union Labor Life Insurance Company (ULLICO) is a privately held life and health insurance company in the United States. ULLICO was founded in 1925 by the American Federation of Labor (AFL), which wanted to offer working people affordable health and life insurance. (ULLICO ULLICO Union Labor Life Insurance Company ). The project's original lender, Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. , has now been fully repaid and has no further interest in the property. The long-term take-out financing was arranged by Richard T. Horowitz, of Cooper-Horowitz, Inc. With more than 80,000 SF of space already leased at 333 Westchester Avenue and interest continuing to build, Mr. Cohen expressed confidence that his brokerage department will successfully lease the remaining half-million SF of offices, which he noted was the "largest block of contiguous prime space available in Westchester County." Cohen Brothers' leasing team, which includes David Nevins, Chip Sealy, Greg Sandler and Steve Fredericks, recently completed the lease-up of 622 Third Avenue, successfully brokering over 1 million SF of leases in 12 months. |
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