{"id":1004662083,"date":"2023-05-11T01:53:14","date_gmt":"2023-05-11T09:53:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004662083"},"modified":"2023-05-26T13:41:38","modified_gmt":"2023-05-26T21:41:38","slug":"innovo-affinius-complete-334-recapitalization-of-bronx-industrial-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/innovo-affinius-complete-334-recapitalization-of-bronx-industrial-asset\/","title":{"rendered":"Amazon-Anchored Bronx Facility Lands $334M Recap"},"content":{"rendered":"
\"\"

2505 Bruckner Blvd. Image courtesy of Innovo Property Group and Affinius Capital<\/em><\/p><\/div>\n

Innovo Property Group<\/strong> and Affinius Capital<\/strong> have wrapped up a $334 million recapitalization of an industrial asset in New York City’s the Bronx.<\/p>\n

The facility\u00a0is a 1 million-square-foot, multi-story industrial building which came online in 2022 at 2505 Bruckner Blvd. The property\u2019s existing construction lender, Bank OZK<\/strong>, provided a $250 million senior mortgage, while PIMCO<\/strong> loaned $84 million in mezzanine financing.<\/p>\n

Cushman & Wakefield<\/strong>‘s Equity, Debt & Structured Finance team, comprised of Gideon Gil, Lauren Kaufman, Zachary Kraft and Dale Braverman, exclusively advised Innovo and Affinius on the transaction.<\/p>\n

The property’s previous debt dates back to 2020, when the developers obtained $305 million<\/a> for the construction of the two-story facility. The financing package included $294 million from Bank OZK, according to CommercialEdge.<\/p>\n

A Bronx multi-story facility<\/h2>\n

The logistics facility rises on a 20-acre site which once housed Whitestone Multiplex Cinemas. IPG and Affinius\u2014formerly Square Mile Capital Management\u2014had acquired the development site from Extell Development Co. for $75 million in 2017.<\/p>\n

Featuring 28- to 32-foot clear heights, 106 loading doors and 664 interior parking spaces for cars and sprinter vans, the property is 53 percent leased to Amazon<\/strong>, CommercialEdge data shows.\u00a0Its location allows tenants to serve up to 9.4 million people within a 15-mile radius as it provides access to the Cross Bronx Expressway, the Hutchinson River Parkway and the Bruckner Expressway.<\/p>\n

Supply-chain issues and increased consumer demand in space-constrained markets have contributed to the need for multi-story industrial facilities. IPG recently topped out<\/a> on its latest multi-story industrial project in Queen\u2019s Long Island City neighborhood. Construction on the mixed-use development began in 2022, with completion expected in the spring of 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bank OZK provided a $250 million senior mortgage.<\/p>\n","protected":false},"author":3154,"featured_media":1004662088,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21748,1600,21742,10],"tags":[52016,37482,41597,51052],"class_list":["post-1004662083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-industrial","category-new-york","category-latest","category-northeast","tag-affinius-capital","tag-amazon","tag-bank-ozk","tag-innovo-property-group"],"acf":[],"yoast_head":"\nAmazon-Anchored Bronx Facility Lands $334M Recap - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Innovo Property Group and Affinius Capital have wrapped up a $334 million recapitalization of an industrial asset in New York City.\" \/>\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\/innovo-affinius-complete-334-recapitalization-of-bronx-industrial-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amazon-Anchored Bronx Facility Lands $334M Recap\" \/>\n<meta property=\"og:description\" content=\"Innovo Property Group and Affinius Capital have wrapped up a $334 million recapitalization of an industrial asset in New York City.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/innovo-affinius-complete-334-recapitalization-of-bronx-industrial-asset\/\" \/>\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=\"2023-05-11T09:53:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-26T21:41:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/Bronx.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Fotios Tsarouhis\" \/>\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\/innovo-affinius-complete-334-recapitalization-of-bronx-industrial-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/innovo-affinius-complete-334-recapitalization-of-bronx-industrial-asset\/\",\"name\":\"Amazon-Anchored Bronx Facility Lands $334M Recap - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/innovo-affinius-complete-334-recapitalization-of-bronx-industrial-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/innovo-affinius-complete-334-recapitalization-of-bronx-industrial-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/Bronx.png\",\"datePublished\":\"2023-05-11T09:53:14+00:00\",\"dateModified\":\"2023-05-26T21:41:38+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/98b17361e75363c0b179f1a51ccb5cc8\"},\"description\":\"Innovo Property Group and Affinius Capital have wrapped up a $334 million recapitalization of an industrial asset in New York City.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/innovo-affinius-complete-334-recapitalization-of-bronx-industrial-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/innovo-affinius-complete-334-recapitalization-of-bronx-industrial-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/innovo-affinius-complete-334-recapitalization-of-bronx-industrial-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/Bronx.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/Bronx.png\",\"width\":800,\"height\":620,\"caption\":\"2505 Bruckner Blvd in the Bronx. 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