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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.”
- ◦Development
