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PCCP Provides Innovo with Construction Debt for Bronx Build-to-Suit
PCCP, LLC provided a $43.4-million senior construction loan to Innovo Property Group for tan approximately 58,950-square-foot build-to-suit industrial facility at 1100 Leggett Ave. in the Bronx’s Hunts Point neighborhood. The project is fully pre-leased to CHEP U.S., a subsidiary of Australia-based Brambles.
“PCCP believes the loan represents an attractive opportunity to lend to Innovo Property Group, an experienced industrial developer in New York City with a track record of developing and leasing quality infill urban industrial properties,” said Brian Haber, SVP with PCCP.
Andrew Chung, founder and CEO of Innovo, said, “The industrial sector continues to dominate amidst current overall market volatility. An extreme lack of supply in New York City creates a supply and demand imbalance in the market. We are thrilled to develop a high-quality, pre-leased urban warehouse at 1100 Leggett Avenue.”
The financing was arranged by a JLL team led by Chris Peck and Pete Rotchford.
- ◦Financing
