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JLL Secures Loan on Turnbridge Project in Canarsie
JLL Capital Markets secured $49 million in acquisition and construction financing for Bank Street, a Class A logistics facility at 807 Bank St. and 300 DeWitt Ave. in Brooklyn’s Canarsie neighborhood. JLL represented the sponsor, Turnbridge Equities and Dune Real Estate Partners LP, and placed the loan with Starwood Property Trust.
Located on a 2.06-acre development site, Bank Street will feature 80,000 square feet of warehouse space in addition to 92,000 square feet of covered and rooftop parking.
The JLL Capital Markets team representing the borrower was led by senior managing director Christopher Peck and Managing Director Peter Rotchford.
“This project is strategically situated in the Brooklyn submarket, which has an extraordinarily low vacancy rate of 1.5%,” Peck said. “The facility will provide prospective tenants exceptional access to the 20 million people within the greater New York City and Tri-State distribution base, the most densely populated region in the nation.”
- ◦Development
- ◦Financing
