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JV of Goldman Sachs, Triangle Equities Recapitalizes Queens Industrial for $136M
A joint venture between the Urban Investment Group within Goldman Sachs Asset Management and Triangle Equities has completed a $136-million recapitalization of Terminal Logistics Center, a two-story, 184,747-square-foot industrial condominium project in Queens’ Jamaica neighborhood. The new financing includes $75 million in debt, supplied by H.I.G. Realty Credit Partners, and $61 million in equity from Goldman Sachs and Triangle.
The new equity replaces the initial $87 million in construction financing supplied by CIT Bank and the equity investment by Triangle’s original partners, Township Capital and a pension fund client advised by L&B Realty Advisors. The mixed-use industrial project will be ready for tenant occupancy by the end of Q2 2023.
“Our investment in Terminal Logistics Center furthers our goal of creating new economic activities and job opportunities,” said Michael Lohr, managing director in the Urban Investment Group within Goldman Sachs Asset Management.
JLL represented the Goldman Sachs-Triangle JV.
- ◦Financing
