A joint venture of Ginsburg Development Companies and Robert Martin Company has secured a $120 million financing package to redevelop the Westchester Financial Center in White Plains.
Avison Young’s New York Capital Markets Group arranged the acquisition and redevelopment loan for the 571,000 s/f office complex located at 50 Main Street and 1-11 Martine Avenue across from the White Plains Metro-North train station.
Ginsburg and Robert Martin plan to reposition the entire complex and build a new pedestrian friendly, mixed-use development comprised of offices, retail shops, restaurants and luxury residences at the site which will be rebranded City Square.
The property was sold by Mack Cali Realty Corporation.
An Avison Young team led by David Krasnoff and Ryan Flannery secured the financing which will cover the purchase price, residential conversion costs, tenant improvements, capital expenditures, closing fees, and other related financing costs.
The 50 Main Street property, a 15-story, 309,000 s/f Class A office building will be renovated with a new lobby and amenities, including a fitness center, game room, lounge, and business center.
Indoor and outdoor dining will be added to the café and the lobby will be extended with new art and sculpture displays. 1-11 Martine Avenue, a 14-story, 262,000 s/f Class A office building will be converted into a mix of luxury residential apartments and office space, with a new lobby and elevator banks.
The main feature of the repositioned complex will be a two-acre central court that will include a quarter-mile “walk-around” which will pass newly landscaped areas, a water feature, sculptures, and gathering spaces including an outdoor lounge and sun deck. The garage will also be upgraded with new lighting and signage.