White Plains CitizeNetReporter - CIBC Confirms $222MM Cash for Cappelli. Excavation Imminent.

A spokesman for Cappelli Enterprises confirmed to WPCNR Wednesday that the Canadian Imperial Bank of Commerce has signed an agreement in principle to fund the Cappelli City Center project. Demolition is almost complete, and the project will proceed immediately to the excavation phase shortly.

Geoffrey Thompson, Louis Cappelli’s official spokesperson, told WPCNR Wednesday that $222 million in financing for the City Center project was in place. The funding of the project has been an object of critical speculation on the part of political candidates in recent weeks.

Cappelli personally guarantees it.

However, Thompson reports Louis Cappelli has confirmed it was agreed in principle by the CIBC World Markets Corporation Tuesday afternoon with a letter of intent. A letter of intent has been signed and a final closing date set for November 21, 2001, Thompson says.

CIBC true to its word

The development demonstrates what a CIBC spokesman had told WPCNR in September, that CIBC "would stick by its commitments," despite the World Trade Center attack that disrupted world financial markets.

“The agreements in principle were fundamentally in place back in September,” Thompson said, explaining the delay in announcement. “Just some details needed to be worked out.”

Thompson added that Cappelli Enterprises would contribute $50 million of its own equity towards the $319 million project. Thompson reported it was his understanding that other financial partners are loaning the balance of the $47 million in seed money.

Cappelli Express is Full Steam Ahead. Steam Shovels Licking Chops.

The official announcement explains why major engineering teams from National Amusements (the theater builder), a retail design firm, and the residential partner have been working closely with the City of White Plains Building Department in recent weeks on detailed construction plans. (This activity always accompanies a "greenlighted" project, according to veteran observers.)

Thompson tells WPCNR that the demolition of the Macy’s site is “almost completed,” and Cappelli Enterprises is planning to proceed very shortly to excavating the foundation for the 34-story apartment towers, and retail/entertainment extravaganza.


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