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Queens Logistics Project Lands $316M Financing
JLL arranged a $316-million construction loan on Grand Logistics Center, a 1.1-million-square-foot, multi-story distribution facility in the Queens community of Maspeth. The services firm also secured the lease for the investment-grade e-commerce tenant.
A JLL Capital Markets team of Kevin MacKenzie, Mike Tepedino and Brian Torp worked on behalf of the borrower, a partnership between LBA Logistics and RXR Realty, to place the loan. The anticipated project completion date is December 2022.
“With most of the major banks hitting pause during the pandemic, the construction loan market became challenging, but we were highly confident in the merits of the project despite the environment,” said RXR president Michael Maturo. “We were fortunate to identify a lead bank and have multiple participants to fill out the syndication on a large loan with optimal terms in this market.
JLL’s Robert Kossar and Leslie Lanne secured the lease on behalf of ownership.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
- ◦Lease
