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Avison Young Secures $70M Refinancing for Port Covington MXU Project
Avison Young has secured a $69.5 million senior debt facility from Bank OZK to refinance the existing mortgage for the planned Port Covington mixed use development site in Baltimore. Wes Boatwright, Mike Yavinsky and Jon Goldstein of Avison Young’s Washington D.C. office secured the financing on behalf of the borrower, Weller Development Co.
Port Covington is one of the largest urban revitalization projects in the United States and features 2.5 miles of waterfront along the Patapsco River in Baltimore. The mixed-use development is situated on 110 acres and is fully entitled and master-planned for up to 14 million square feet of construction.
“I am proud to have led the Avison Young team for this important capital raise for the Port Covington project and to continue my relationship with the sponsors since 2016,” said Boatwright “The project is a huge win for everyone involved and will be a great addition to Baltimore.”
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