Avison Young Lands Financing for Luxury NY Community
The firm secured a $28.6 million acquisition loan for the 124-unit multifamily community in White Plains, N.Y.
White Plains, N.Y.—Avison Young announced the closing of a $28.6 million loan for the acquisition of the Halstead White Plains, a 124-unit luxury multifamily community in White Plains, N.Y. David Krasnoff, senior director in Avison Young’s New York office, led the team that brokered the transaction on behalf of Ginsburg Development Cos.
Halstead White Plains was recently transformed from corporate suites into a luxury apartment community. Numerous high-end upgrades were made to its 124 market-rate units, including granite counters, wood floors, over-sized windows, large walk-in closets and designer lighting.
Located at 34 S. Lexington Ave., the 12-story building features studio, one- and two-bedroom units. Common amenities include a fitness center, community room, business center, laundry facilities and 140 parking spaces. According to Yardi Matrix, the community also includes 13,980 square feet of retail space.
“Avison Young leveraged our long-term lender relationships, local market knowledge, and understanding of the structural nuances at hand to identify several lenders willing to provide a high leverage, structured financing solution within our timeframe,” Krasnoff said in a statement. “The team ultimately opted to go with a mortgage REIT whose fully credit-approved loan proposal provided our client with the proceeds and structural flexibility required to execute their business plan.”
Image courtesy of Yardi Matrix