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Ginsburg Development Secures $31.5 Million Refi for The Metro

Avison Young Arranges Loan for $92 Million Renovation Project
August 6, 2018
Ginsburg Development Cos. secured a $31.5 million loan for the 124-unit The Metro at 34 S. Lexington Ave. in White Plains, NY.

Proceeds from the loan will be used to refinance the property that is currently undergoing a $92 million renovation.

The multifamily property was originally built in 1985 and was purchased by Ginsburg Development in 2017 for $35.25 million, according to CoStar data. The firm also acquired two other buildings on the same block as The Metro and is currently redeveloping them into a new project called City Square.

David Krasnoff and Ryan Flannery of Avison Young's New York Capital Markets Group arranged the financing on behalf of the borrower.
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