JLL Capital Markets Arranges Big Refi for Industrial Portfolio in New York City Outer Boroughs

JLL Capital Markets has arranged a $60.8 million refinancing for a fully leased, seven-property light industrial portfolio totaling 199,457 square feet in Brooklyn, Queens and the Bronx in New York City, JLL said in a press release.

JLL worked exclusively on behalf of the borrower, Seagis Property Group LP, to place the 10-year, fixed-rate, interest only, non-recourse loan with Chase.

The portfolio includes industrial properties at 250 Johnson Ave., 124-134 Forrest St. and 132 54th St. in Brooklyn; 58-17 59th Dr. and 5700 49th Pl. in Maspeth, Queens; and 1108 Zerega Ave. and 2500 Waterbury Ave. in The Bronx. Fully leased to eight tenants, the Class B properties offer clear heights ranging from 16 to 28 feet, 20 loading positions, some office finish and ample parking.

The properties are in high-demand, infill locations within the New York Outer Boroughs Industrial market and in some of the most densely populated areas of the country. 

According to JLL Research, vacancy declined in the fourth quarter of 2021 to a low 1.6 percent, and asking rates increased 15.5 percent year-over-year to $30.28 per square foot. 

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Directors Gregory Nalbandian and Jim Cadranell, Vice President Michael Lachs and Director Alex Staikos.

“As one of the premier owners of industrial real estate in the Outer Boroughs Industrial market, Seagis acquired these highly demanded assets at an extremely attractive basis and implemented their value-add strategy very effectively post acquisition,” Nalbandian said.