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September 18, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

Ginsburg White Plains City Square venture secures $120 million loan

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

Westchester developer Martin Ginsburg has landed a $120 million loan to help finance his vision for a new “City Square” in downtown White Plains.

Avison Young’s New York Capital Markets group announced earlier this month it has arranged a $120.3 million loan for the acquisition and redevelopment of the Westchester Financial Center near the White Plains train station. The buyers are a joint venture of Ginsburg Development Cos. and Robert Martin Co.

Related: Ginsburg to lead major redevelopment of Westchester Financial Center

Ginsburg’s company will lead a mixed-use redevelopment of the two-property office complex, which includes 571,000 square feet of office space in separate buildings at 50 Main St. and 1-11 Martine Ave.

Plans announced in April by the company would combine the two office properties with a 124-unit apartment building on the same block, at 34 S. Lexington Ave., to create City Square, a concept that includes apartments, green space, restaurants, retail and renovated offices.

Mack-Cali Realty Corp. sold GDC and Robert Martin the two buildings last month for $83 million. Ginsburg’s GDC bought the separate apartment building for $35 million last year.

Avison Young said the new financing will cover the purchase price of Westchester Financial Center, residential conversion costs, tenant improvements, capital expenditures, closing fees and other financing costs for the project. David Krasnoff, a senior director at Avison Young, and his colleague Ryan Flannery secured the financing.

Under plans detailed last month by GDC, the 14-story, 262,000-square-foot 1-11 Martine Ave. office building would be converted to mix of luxury residential apartments and office space, each with separate lobbies and elevator banks. The 15-story, 309,000-square-foot office tower at 50 Main St. will mantain office as its sole use, but receive a renovation with a new lobby and amenities, including a fitness center, yoga studio, game room, lounge and business center.

The 2-acre central courtyard between the three buildings will be renovated to include a quarter-mile “walk-around” through newly landscaped areas, a water feature, sculptures and an outdoor lounge and sun deck. The property’s garage will also be upgraded with new lighting and signage.

The Avison Young release did not disclose the lender, but the Commercial Observer reported earlier this month that the financing comes from Bridge Investment Group, a Salt Lake City-based real estate investment and property management company.