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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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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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