Galesi secures $100M to refi Harlem River Yards

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

TRD 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
(iStock)

Real estate stocks rally on strong May jobs report

Real estate stocks rally on strong May jobs report
As widespread protests sweep the country, the real estate industry reflects on its decades-long support of the NYPD (Photo illustration by Alexis Manrodt for The Real Deal, Getty, iStock)

As Black Lives Matter protests rage on, NY real estate bleeds blue

As Black Lives Matter protests rage on, NY real estate bleeds blue
Compass CEO Robert Reffkin and Realogy CEO Ryan Schneider (Getty and iStock)

Judge says Realogy’s suit against Compass can stand

Judge says Realogy’s suit against Compass can stand
Opportunity Zone investors received an extension from federal government because of Covid-19

Opportunity Zones investors get a Covid-19 lifeline

Opportunity Zones investors get a Covid-19 lifeline
Neiman Marcus at Hudson Yards (Getty, iStock)

Related marketing Neiman’s Hudson Yards store as office

Related marketing Neiman’s Hudson Yards store as office
arrow_forward_ios

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

Loading...