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Innovo Garners $155M Financing for LIC Warehouse Project

Innovo Property Group, a New York City-based real estate investment and operating company founded by Andrew Chung and backed by Nan Fung Group, closed on a $155-million construction loan for 23-30 Borden Ave. in Long Island City. The loan, provided by an affiliate of Starwood Property Trust, will fund construction costs for an approximately 900,000-square-foot industrial development.
The site, previously the warehouse of online grocer FreshDirect, will be transformed into a new five-story industrial building. The building will serve as a last-mile distribution/warehouse facility with on-site parking. 

“This transaction supports our philosophy that there is significant value in Long Island City developments,” said Chung. “Industrial has been one of the best-performing sectors in real estate, driven by the significant increase in e-commerce spending. We believe that this expansive, state-of-the-art facility with on-site parking will be in high demand.”


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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