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New York & Tri-State  + Uptown/Bronx  + Industrial  |  May 10, 2023
Emily Fu
By: Emily Fu

Innovo and Affinius Recap Bronx Industrial Facility for $334M  

Innovo Property Group and Affinius Capital have completed a $334 million recapitalization of 2505 Bruckner Boulevard, a one million square feet urban industrial facility in the Bronx. Bank OZK provided a $250m senior mortgage, while PIMCO provided an $84m mezzanine loan.  

“2505 Bruckner Boulevard is a stand-out urban industrial property specifically designed to service a large population and address the needs of high-profile tenants,” said Andrew Chung, founder and CEO of IPG. This recapitalization is a milestone achievement in this project’s lifecycle, especially in this economic climate.”  

The property, which is 53% leased to an e-commerce giant, boasts 106 loading doors and 664 interior parking spaces. Cushman & Wakefield’s Gideon Gil, Lauren Kaufman, Zachary Kraft and Dale Braverman arranged the financing as exclusive advisor to the borrowers.

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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