Avison Young announced the closing of a $28.64 million loan to finance the acquisition of the Halstead White Plains, a 124-unit luxury multi-family property located at 24 South Lexington Avenue, White Plains, NY.
David Krasnoff, a senior director in Avison Young’s New York office, led the team that brokered the transaction on behalf of Ginsburg Development Companies.
The borrower faced a number of unique challenges with the transaction, including an obligation to buy shares of the single asset REIT that owned the property and the need to execute a complex 1031 transaction, all within a tight deadline.
Despite these transactional challenges, the Avison Young team was able to secure and close a financing with favorable terms within the required timeframe.
Said Krasnoff, “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.”
Russell Kadirov, EVP Acquisitions/Asset Management of Ginsburg Development Companies praised the AY team’s performance.
He added, “This acquisition is a great addition to our portfolio of high-end, luxury living rentals and we look forward to expanding our holdings in partnership with David and his team from Avison Young. This is also the first stabilized multifamily deal closed in 2017,” adds
Halstead White Plains was recently transformed from corporate suites into a luxury apartment community with 124 market-rate units, a 24-hour fully equipped fitness center, covered garage parking, and a club lounge with a pool table.