The multistory facility will rise at 30-02 Whitestone Expressway. Picture courtesy of JLL Capital Markets
Triangle Equities, a New York-based proprietor, operator and developer of economic, mixed-use and residential actual property, has secured $50 million in predevelopment financing for the development of a 425,000-square-foot multistory logistics facility within the Faculty Level part of Queens, N.Y. JLL organized the mortgage.
Centennial Financial institution supplied the primary mortgage financing that replaces present debt and funds the predevelopment and design of the ability at 30-02 Whitestone Expressway. The property had develop into topic to a $44 million mortgage supplied by Flushing Financial institution in 2015, in keeping with CommercialEdge data.
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The multistory constructing will rise on a 9.8-acre lot situated in one of the vital well-connected distribution websites in New York Metropolis, offering quick access to the Grand Central Parkway, Whitestone Bridge and the encircling boroughs of Manhattan, Bronx and Brooklyn, in addition to Lengthy Island and Westchester County. The property can be near LaGuardia Airport and John F. Kennedy Worldwide Airport.
The JLL Capital Markets group which labored on behalf of the borrower was led by Geoff Goldstein, Rob Hinckley and Tyler Peck. Goldstein stated, in a ready assertion, the financing introduced the financial institution with the chance to lend in opposition to an as-of-right industrial improvement web site with entry to all main roadways within the space.
Additionally in Queens, earlier this 12 months Triangle Equities and Goldman Sachs Asset Administration’s City Funding Group obtained a $136 million recapitalization of a two-story industrial condominium undertaking in Jamaica, N.Y. The identical JLL brokers have been instrumental in that financing deal as properly.
Progress of multistory industrial amenities
Multistory warehouses are an rising industrial subset that originated in Asia and Europe and has been rising within the U.S. as builders attempt to discover places to serve the increasing last-mile logistics market. The pattern began in Seattle, however New York Metropolis now has at the very least 5 multistory warehouse properties and 5 below development as of October.
In Might, Innovo Property Group and Affinius Capital accomplished a $334 million recapitalization of a 1 million-square-foot, multistory industrial constructing within the Bronx that got here on-line in 2022. Financial institution OZK supplied a $250 million senior mortgage and PIMCO loaned $84 million in mezzanine financing.
Additionally in New York Metropolis, IPG topped out its newest multistory industrial undertaking in Queens’ Lengthy Island Metropolis neighborhood. Development is slated for completion in 2024.
