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September 23, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

Ginsburg Development Cos. secures $31.5 million refinancing for White Plains apartment building

Ginsburg Development Cos. has received a $31.5 million refinancing package for The Metro, a 124-unit White Plains apartment building the company purchased last year.

A view from Martine Avenue of the Westchester Financial Center and “The Metro” apartment building at 34 S. Lexington Ave. Photo by Ryan Deffenbaugh.

Avison Young recently announced that it arranged the refinancing package for the property, which is at 34 S. Lexington Ave. near the city’s train station.

Ginsburg purchased the building, formerly known as Halstead White Plains, for $35 million in 2017. The building shares a block with two office towers, known as the Westchester Financial Center, that Ginsburg acquired for $83 million in April through a joint venture with Robert Martin Co.

The company’s plans, sketched out earlier this spring following the financial center purchase, call for improvements to all three buildings to create a new “City Square.” That square would have a mix of luxury apartments, green space, restaurants, retail and renovated offices just a block from the city’s train station.

Avison Young arranged an acquisition loan last year for The Metro and this spring arranged a $120.3 million loan for the acquisition and redevelopment of the Westchester Financial Center.

That relationship provided “an intimate knowledge of the entire project” to communicate with lenders, according to Avison Young New York Capital Market Senior Director David Krasnoff. Krasnoff handled the deal along with Ryan Flannery, an analyst for Avison Young’s New York Capital Markets Group.