Avison Young secures senior debt facility for Port Covington mixed-use development

Avison Young secures senior debt facility for Port Covington mixed-use development 4 Feb 2021

Avison Young’s Structured Finance Group arranges senior debt facility for one of the largest U.S. urban revitalization projects

Washington, DC – 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.”

 

For more information:

Wes Boatwright, Principal: [email protected] or 202.644.8559

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