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