The Real Deal New York

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

Loan consists of two mortgages for about $63M and $133M
By Eddie Small | December 01, 2017 04:15PM

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.

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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.