RXR and partner Korman Communities have locked in a $269 million refinancing on Hamilton Green, the two-building rental complex that now stands where the old White Plains Mall once sat. The project totals 477 apartments and stabilized quickly after opening, hitting lease-up within months. According to the developers, the new loan is the final major financing step for the first phase of the project and leaves them with a clean balance sheet as they pivot to other efforts.
As reported by Commercial Observer, the debt package was led by Blackstone Real Estate Debt Strategies together with Canyon Partners Real Estate. JLL’s Michael Gigliotti and Kelly Gaines arranged the refinancing, working alongside Hudson Realty Capital’s Paul Patafio. Developers described the deal as a stabilization refinance that followed construction and lease-up.
What Hamilton Green Brings Downtown
According to The Real Deal, Hamilton Green’s amenities include a fitness center, an indoor pool, a golf simulator, a dog wash and on-site resident service coordinators. The two towers sit a short walk from the White Plains Metro-North station, a location the developers say helped fuel brisk early leasing. The complex replaces the long-vacant White Plains Mall and is intended to stitch housing, retail and open space back into the downtown core.
From Mall To Housing Conversion
Developer materials and a Korman Communities press release describe Hamilton Green as roughly a $650 million mall-to-housing conversion that topped out in 2024, with units delivered in phases through 2025. The partners say the redevelopment consists of two residential buildings, a 12-story tower and a taller 26-story tower, for a combined 477 units plus underground parking and ground-floor retail. Korman and RXR launched leasing in 2025 and emphasized transit access and downtown walkability in their marketing.
Clearing The Decks For 175 Park
With Hamilton Green stabilized and refinanced, RXR can shift more attention and capital toward its larger Manhattan plans. As outlined by The Real Deal, the firm filed plans in April for a 95-story tower at 175 Park Avenue that would span nearly 3 million square feet and is projected to cost about $6.5 billion. RXR and partner TF Cornerstone have applied for roughly $4.8 billion in federal loans for that project, have not yet secured those funds and are still searching for an anchor tenant.
Why Lenders Are Signing On
Trade coverage notes that Hamilton Green leased up quickly, a signal that demand for well-located suburban rentals remains solid. Connect CRE reported on the leasing rollout when the second tower opened and highlighted early absorption in a Westchester market with limited new supply. The refinancing reinforces that institutional capital is still backing suburban multifamily properties that show strong operating performance.
For White Plains, the refinancing helps cement a high-profile downtown remake. For RXR, it closes out a visible local win just as the firm gears up for larger and riskier projects in Manhattan. Residents and city officials will be watching how leasing, retail activation and public spaces at Hamilton Green develop now that the first phase is financially stabilized.
