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Multi-Story Warehouse Near JFK Scores $87M Loan
Triangle Equities Development Company and its partners Township Capital Inc. and L&B Realty Advisors LLP closed on an $87-million construction loan for the ground-up development of Terminal Logistics Center in Queens.
Spanning approximately 300,000 square feet, the air-cargo warehouse and storage facility adjacent to John F. Kennedy International Airport will be one of the first modern, multi-story industrial buildings in the U.S.
A JLL Capital Markets team of Geoff Goldstein, Rob Hinckley, Tyler Peck, Jackie Ferrer and Brendan Collins worked on behalf of the borrowers to place the construction loan with CIT Group Inc.
JLL had previously worked on behalf of Triangle Equities to secure $14.25 million in equity financing from L&B and Township Capital for the project. As part of the closing on that transaction, the joint venture committed an additional $27 million in equity capital. Total capitalization for the project is approximately $129 million.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
