Industry City owners get $196M loan from Bank of China

Loan consists of two mortgages for about $63M and $133M

Andrew Kimball and Industry City (Credit: Industry City)
Andrew Kimball and Industry City (Credit: Industry City)

UPDATED, 6:12 p.m., Dec. 1: The owners of Industry City have landed a loan totaling $196 million from the Bank of China.

The loan consists of two mortgages—one for roughly $133 million and one for roughly $63 million, according to property records. The owners also received about $48 million in mezzanine financing, and the overall funding was split between Bank of China and SL Green, according to Justin Weiner of Belvedere Capital.

Industry City’s owners — Jamestown, Belvedere Capital, Cammeby’s International and Angelo, Gordon & Co. — plan to use the funds for leasing and redevelopment costs, and Robert Verrone of Iron Hound Management advised them on the deal, Weiner said.

Sign Up for the undefined Newsletter

The owners applied for a rezoning in the fall to facilitate a planned $1 billion redevelopment of the office-and-manufacturing complex that would expand it from 5.3 million square feet to 6.6 million square feet. The move aims to make it a more attractive destination for Amazon’s second headquarters.

The complex will also be home to a Japanese-themed food market dubbed Japan Village, and publishing giant Condé Nast signed a lease for more than 6,000 square feet in Industry City over the summer.