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White Plains apartments refinanced with $31M.

The New York office for Avison Young announced that the firm arranged a $31,500,000 refinancing package for The Metro, a 124-unit luxury residential building at 34 S Lexington Avenue, in White Plains.

David Krasnoff, Senior Director and Ryan Flannery, Analyst, for Avison Young's New York Capital Markets Group, arranged the financing package on behalf of the owner, Ginsburg Development Companies (GDC).

The Metro is within walking distance of the White Plains Metro-North station, which is currently undergoing a $92 million renovation.

Consistent with the 24-hour live-work-play environment envisioned for downtown White Plains, GDC has also acquired two buildings on the same block and is currently redeveloping and rebranding them into a new project called City Square.

City Square will include shops as well as office and luxury residential spaces, along with a central courtyard, a sun deck, lounge, a water element, and a quarter-mile 'walk around.'

"Avison Young arranged the original acquisition financing for The Metro in early 2017 (then known as The Halstead) and also helped GDC secure the acquisition financing for City Square in March 2018," said Krasnoff.

"As such, we have an intimate knowledge of the entire project and were successful in communicating GDC's vision to the lending community."

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Publication:Real Estate Weekly
Geographic Code:1U2NY
Date:Aug 1, 2018
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