HFF Secures $32M Financing for NYC Industrial Asset
- Mar 08, 2018
Triangle Equities has received a $32.1 million loan for the land acquisition and development of an industrial asset within South Ozone Park in Queens. The main lender, Citizens Bank, provided a $19 million floating-rate loan. L&B Realty Advisors provided $10.1 million joint venture capital, while the developer funded the remaining amount.
The property will be erected on a 119,000-square-foot land parcel that currently serves as a parking lot. Upon completion, it will offer 300,000 square feet of space, as well as first- and second-floor loading and clear heights ranging from 23 to 26 feet. Ideally located at 130-120 S. Conduit Ave., just one mile from John F. Kennedy International Airport, it will provide easy access to the Port of New York and New Jersey, the third largest port in the U.S.
An HFF team comprising Senior Managing Director Andrew Scandalios, Managing Directors Rob Hinckley and Rob Rizzi and Associate Tyler Peck arranged the equity financing. The company’s Senior Director Geoff Goldstein arranged the debt placement. In a recent deal, HFF has brokered an acquisition financing for an industrial center in Orlando, Fla.
“The property is strategically positioned to capture the insatiable demand for modern, ‘last-mile’ distribution space located in highly populated urban areas,” Hinckley said in a prepared statement.
Image courtesy of Triangle Equities