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Avison Secures Funding for JV’s Buy of Westchester Financial Center
Avison Young’s New York Capital Markets Group has arranged a $120.3-million financing package on behalf of the joint venture that acquired the 571,000-square-foot Westchester Financial Center in White Plains, NY from Mack-Cali Realty Corp.
The JV of Ginsburg Development Companies and Robert Martin Company, which announced the acquisition last month, plans to reposition the two-building complex into a mixed-use development that will be rebranded City Square.
An Avison Young team led by senior director David Krasnoff and analyst Ryan Flannery secured the financing from an undisclosed source. It will cover the purchase price, residential conversion costs, tenant improvements, capital expenditures, closing fees and other related financing costs.
“We are very familiar with the area, having arranged the acquisition financing for the sister property, The Metro by GDC, on the same block last year, and understood what was required to get this funding completed in a timely manner,” said Krasnoff.
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