NY Office Complex Lands $120M Financing

Ginsburg Development Cos. and Robert Martin Co. will use the Bridge Investment Group-funded loan to pay for their acquisition and redevelopment of the existing buildings into a mixed-use development.
Westchester Financial Center, White Plains, N.Y.

A joint venture between Ginsburg Development Cos. and Robert Martin Co. has received $120.3 million in financing for the post-acquisition and redevelopment of Westchester Financial Center, a 571,000-square-foot office complex in White Plains, N.Y. The partnership acquired the property last month from Mack-Cali Realty Corp. According to Yardi Matrix, Bridge Investment Group provided the loan, which will be used to fund the purchase price, conversion costs, renovations, closing fees and cover the remaining costs.

The office campus consists of two buildings located at 50 Main St., and 1-11 Marine Ave. The new ownership plans to convert and re-brand the existing structure into a mixed-use development known as City Square, which will comprise office, retail and residential space.

Development highlights

Upon redevelopment, the 15-story, 309,000-square-foot 50 Main St., will include a renovated lobby with art components, new fitness center, yoga studio, game room, lounge, business center and outdoor dining with café.

The other 14-story, 262,000-square-foot asset will be transformed into luxury apartments and office space, with a new lobby and elevator banks. The new development will be centered around a two-acre, pedestrian-friendly area with landscaped grounds, sculptures, water feature, outdoor lounge and sun deck.

The up-and-coming City Square will sit adjacent to the White Plains Metro-North train station, which is undergoing complete renovations. Nearby amenities include the Federal and County courthouses, Galleria Mall and White Plains Transportation Center. Major roads such as Interstate 287 and Bronx River Parkway provide easy access throughout the entire area.

A team from Avison Young’s New York Capital Markets Group, comprising Senior Director David Krasnoff and Analyst Ryan Flannery, secured the financing.

We are very familiar with the area—having arranged the acquisition financing for the sister property, The Metro by GDC, on the same block last year—and understood what was required to get this funding completed in a timely manner,” Krasnoff said in a prepared statement.

Image courtesy of Yardi Matrix