$49M acquisition and construction loan secured for Class A Brooklyn logistics facility
JLL represented the sponsor, Turnbridge Equities and Dune Real Estate Partners LP, and placed the loan with Starwood Property Trust.
Located on a 2.06-acre development site, Bank Street will feature 80,000 square feet of warehouse space in addition to 92,000 square feet of covered and rooftop parking. The property is located on its own city block with no adjacent neighboring buildings, providing a prospective tenant with frontage and direct access to three city streets.
Bank Street is a one-minute drive from the arterial Linden Boulevard/Highway 27 and is a seven-minute drive from the Pennsylvania Avenue exit of the Belt Parkway, connecting the property to Interstates 278, 678, 478 and 495 with minimal drive-time on local roads. The property is also a 12-minute drive from John F. Kennedy International Airport.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Christopher Peck and Managing Director Peter Rotchford.
“This project is strategically situated in the Brooklyn submarket, which has an extraordinarily low vacancy rate of 1.5 percent,” Peck said. “The facility will provide prospective tenants exceptional access to the 20 million people within the greater New York City and Tri-State distribution base, the most densely populated region in the nation.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
Source: Real Estate Weekly