Galesi secures $100M to refi Harlem River Yards

Bank of America loan to go toward 500K sf industrial complex

New York /
Nov.November 07, 2016 04:05 PM

A joint venture led by the Galesi Group landed a $100 million loan from Bank of America to refinance Harlem River Yards, a 500,000-square-foot industrial complex in the South Bronx.

The financing from Bank of America includes a $74.5 million gap loan, and consolidates $25.5 million in previously issued loans, according to property records filed with the city Monday.

The Port Morris site is state-owned but controlled by a joint venture called Harlem River Yards Inc., which is led by Galesi. The upstate New York-based property developer and manager acquired the 99-year ground lease for the six-parcel site from the city in 1991.

Online grocer FreshDirect is currently building its new headquarters at the site. In 2013, the company received an $87 million subsidy from the city to help it move from Queens to the Bronx location.

A community group, South Bronx Unite, tried to block the company’s move to the area, saying that its trucks would pollute the community. The lawsuit, however, was ultimately dismissed.

Representatives from Galesi and Bank of America could not be immediately reached for comment.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
The two-flat building in Woodlawn where Emmett Till lived (Getty)
Surge in efforts to landmark Chicago’s historic Black homes
Surge in efforts to landmark Chicago’s historic Black homes
Villa Guardatoia and Casa Natalino (Concierge Auctions)
400-year-old Tuscan villa hits the auction block this month
400-year-old Tuscan villa hits the auction block this month
Seal Beach’s landmarked water tower house (Compass)
Water tower-turned-home on the Pacific offered for $5M
Water tower-turned-home on the Pacific offered for $5M
The Savoy Hotel in London, UK in 1980 (Getty)
UK hospitality employers could cut half a million jobs
UK hospitality employers could cut half a million jobs
Rapper Iggy Azalea with her new Hidden Hills property (Getty, Sotheby's International Realty)
Iggy Azalea feuds with her new neighbor in Hidden Hills
Iggy Azalea feuds with her new neighbor in Hidden Hills
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...