Avison Young’s Structured Finance Group arranges senior debt facility for one of the largest U.S. urban revitalization projects
Avison Young announced today it has secured a $69.5-million senior debt facility from Bank OZK to refinance the existing mortgage for the planned Port Covington mixed use development site.
Port Covington is one of the largest urban revitalization projects in the United States and features 2.5 miles of waterfront along the Patapsco River in Baltimore, Maryland. The mixed-use development is situated on 110 acres and is fully entitled and master-planned for up to 14 million square feet of construction.
Weller Development Company selected Avison Young to arrange the senior debt facility to refinance the existing maturing mortgage loan. Avison Young’s team was led by Wes Boatwright, Mike Yavinsky and Jon Goldstein, all Principals based in the firm’s Washington, DC office. “I am proud to have led the Avison Young team for this important capital raise for the Port Covington project and to continue my relationship with the sponsors since 2016,” commented Boatwright “The project is a huge win for everyone involved and will be a great addition to Baltimore.”
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
