Krasnoff of Avison Young leads $28.64 million acquisition financing placed for Ginsburg Development

24 South Lexington Avenue - White Plains, NY

White Plains, NY Avison Young has closed a $28.64 million loan to finance the acquisition of the Halstead White Plains, a 124-unit multifamily property located at 24 South Lexington Ave.

David Krasnoff, a senior director in Avison Young’s New York office, led the team that brokered the transaction on behalf of Ginsburg Development Cos.

The borrower faced a number of unique challenges with this 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 all of these transactional challenges, the Avison Young team was able to successfully secure and close a financing with favorable terms within the required timeframe.

“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,” 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.”

“David did an excellent job of understanding our financing, structural and timing requirements to close on this Class A luxury rental apartment complex located just a few steps from the Metro North Station in the heart of White Plains. 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 Russell Kadirov, EVP Acquisitions/Asset Management of Ginsburg Development Companies.

Halstead White Plains was recently transformed from corporate suites into an apartment community. The 12-story apartment tower added amenity upgrades to its 124 market-rate units including granite counters, wood floors, oversized windows, large walk-in closets and designer lighting. Additional amenities include a 24-hour fully equipped fitness center, covered garage parking with direct building access, and a club lounge with flat-screen TVs, iPads, fireplace and a pool table.

Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 79 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multifamily and hospitality properties.