WPCNR THE BUILDING NEWS. From Cappelli Enterprises. July 3, 2008: Louis Cappelli has secured $700 Million in financing for the Concord Resort development approved last week by the State legislature.  

Geoff Thompson, spokesperson for Cappelli Enterprises, reported to WPCNR Wednesday afternoon that Louis Cappelli, “The Super Developer,”   creator of the White Plains Renaissance, through his building of the City Center and the Ritz-Carlton Westchester in White Plains has secured $1 Billion in financing to proceed with his casino-resort on the grounds of the former Concord Hotel in Sullivan County, in an effort with Empire Resorts to bring back that faded resort area back. 

The Concord Resort and Golf Club from Satellite Prior to Demolition, viewed from Space. 

The source(s) of the $700 Million in bank debt were not identified, pending closing on the financing. Demolition has begun on the  old Concord Hotel. The spokesperson said Mr. Cappelli is not looking at any other casino development sites in the state at this time.

In Cappelli activities in White Plains the representative reported  the opening of the second tower at the White Plains Ritz-Carlton, (center, looming above the Ritz Carlton Hotel) would be in November, and that Mr. Cappelli still planned to move his Valhalla headquarters to the first 14 floors of the Ritz Carlton second tower this summer.

In an interview with the Times Herald Record last week Cappelli described the  Catskills Billion Dollar Baby financing:

“There is $300 million of equity going on and what is called mezzanine financing, then $750 million of actual debt, bank debt. I have term sheets, the first step, which are confidential and that I've shown to Albany. I am hoping to close all the financing in 60 days and I am planning on starting with the equity financing and begin pouring foundations on the job in three or four weeks.”

White Plains Ritz Move

Meanwhile in White Plains at the Ritz-Carlton site, Mr. Thompson said Mr. Cappelli’s plans to move his Valhalla offices to the first 14 floors second tower of the Ritz-Carlton was expected to take place sometime this summer. No date was given, but that was still “a go.”  Thompson added that the second tower would not be opened until November.

The extension of the probable opening would appear to give Cappelli Enterprises more time to find a solution to the affordable housing shortfall in units the organization owes the city. Cappelli Enterprises, by WPCNR count, is building 24 of the 41 units owed at the City Center Garage. How and where the other 17 are going to be built is in question at this time due to a disagreement with the city on building specifications required on the 240 Main Street site which surfaced last fall.

The Billion Dollar Baby in the Catskills, according to the Monticello Times Herald Record report will have a 750-room hotel and convention center, a casino with video terminals, a race track and 487 estate homes. Mr. Cappelli’s spokesperson, Mr. Thompson said the former  Kutscher’s Country Club that Mr. Cappelli also owns has no development plans as yet.