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Turnbridge Recapitalizes Bronx Logistics Center Development
Turnbridge Equities recapitalized the Bronx Logistics Center, a Class-A industrial development site situated on 14.2 acres in the Bronx’s Hunts Point submarket. Bronx Logistics Center is expected to be one of the largest multi-story, last mile distribution facilities in the region when complete, and is currently the only planned industrial development site in the New York City market with available rail access.
As part of the recapitalization, Turnbridge entered into a new joint venture with affiliates of Dune Real Estate Partners LP to own and develop the five-parcel assemblage. The JV simultaneously secured $105 million in predevelopment financing for the project with J.P. Morgan. Turnbridge completed the assemblage in a series of off-market transactions beginning in 2018.
Representing Turnbridge Equities in the equity recapitalization were JLL Capital Markets’ Andrew Scandalios, Tyler Peck and Thomas Pryor. JLL’s Christopher Peck, Peter Rotchford and Kristin Knapp arranged the debt financing.
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- ◦Financing
- ◦Development
