{"id":1004514526,"date":"2021-03-05T04:48:41","date_gmt":"2021-03-05T12:48:41","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004514526"},"modified":"2022-07-26T00:05:22","modified_gmt":"2022-07-26T08:05:22","slug":"last-mile-queens-project-gets-155m-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/last-mile-queens-project-gets-155m-loan\/","title":{"rendered":"Last-Mile Queens Project Gets $155M Loan"},"content":{"rendered":"
\"\"<\/a>

23-30 Borden Ave.<\/p><\/div>\n

Innovo Property Group has received a $155 million construction loan for a proposed multi-story industrial development at 23-30 Borden Ave. in Long Island City, N.Y. An affiliate of Starwood Property Trust provided the debt for the upcoming 900,000-square-foot last-mile distribution center\/warehouse project.<\/p>\n

The New York City-based real estate investment and operating company founded by Andrew Chung picked up the property for $75 million in January 2019, along with investment partners Atalaya Capital Management and Nan Fung Group. Allianz backed the purchase with a $61 million loan, according to CommercialEdge.<\/p>\n

The nearly 5-acre plot was formerly home to online grocer FreshDirect\u2019s 276,705-square-foot vintage warehouse, already demolished by the current ownership. The new development calls for a five-story building with elevated truck courts and a vertical parking structure that allows for direct access to each level. Plans for the project were filed at the end of 2020, according to Commercial Observer<\/em>.<\/p>\n

Long Island\u2019s industrial health<\/h2>\n

Innovo has been an active player within New York City since 2015, focusing on value-add projects in the outer boroughs. In late 2019, Innovo completed the recapitalization of an 830,000-square-foot mixed-use property in Queens<\/a>\u00a0through another joint venture with Hong-Kong-based Nan Fung.<\/p>\n

It\u2019s been more than two years since Amazon pulled out of its initial plan<\/a> to build its HQ2 in Long Island City, and a year since the global health crisis began. The pandemic-driven e-commerce revolution catapulted industrial real estate into a new cluster of top-performing asset classes. In Long Island, vacancy rates fell to a record low of 4 percent in the last quarter of 2020, a recent Cushman & Wakefield report shows. Total available space fell to 5.2 million, with more than 1.4 million square feet of fresh supply is expected to deliver throughout 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

Starwood Property Trust provided the construction financing for the 900,000-square-foot warehouse in Long Island City, N.Y.<\/p>\n","protected":false},"author":739,"featured_media":1004529171,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21748,1600,21742,10],"tags":[37463,41222,51052,33469],"class_list":["post-1004514526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-industrial","category-new-york","category-latest","category-northeast","tag-andrew-chung","tag-atalaya-capital-management","tag-innovo-property-group","tag-starwood-property-trust"],"acf":[],"yoast_head":"\nLast-Mile Queens Project Gets $155M Loan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/last-mile-queens-project-gets-155m-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Last-Mile Queens Project Gets $155M Loan\" \/>\n<meta property=\"og:description\" content=\"Starwood Property Trust provided the construction financing for the 900,000-square-foot warehouse in Long Island City, N.Y.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/last-mile-queens-project-gets-155m-loan\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-05T12:48:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-26T08:05:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1011644.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/last-mile-queens-project-gets-155m-loan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/last-mile-queens-project-gets-155m-loan\/\",\"name\":\"Last-Mile Queens Project Gets $155M Loan - 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