Industry City gets $720M refinancing

The debt replaces a $647M loan provided in 2017

TRD New York /
Dec.December 20, 2019 08:45 AM
Blackstone's Jonathan Gray and an aerial of Industry City (Credit: Getty Images and Google Maps)

Blackstone’s Jonathan Gray and an aerial of Industry City (Credit: Getty Images and Google Maps)

The developers of Industry City scored a $720 million refinancing package.

Blackstone led the debt package, along with Bank of China, Deutsche Bank and SL Green Realty Corp., Commercial Observer reported. The deal also includes mezzanine debt. The financing replaces a previous $647 million loan provided in 2017. Iron Hound Management negotiated the financing.

The 6-million-square-foot, 35-acre waterfront development in Brooklyn’s Sunset Park is owned by Jamestown Properties and Belvedere Capital, Angelo Gordon & Co., Cammeby’s International and Abraham Fruchthandler’s FBE Limited.

Amazon has reportedly looked at renting as much as 1 million square feet of industrial space at the campus for a new logistics facility.

A $1 billion plan for rezoning Industry City stalled in September, after the local City Council member Carlos Menchaca, demanded the developers make another concession. Menchaca had initially described the plan as “dead on arrival” unless the developers gave the proposal more time for community input. The seven-month land-use review process officially launched in October. [CO] — Georgia Kromrei


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

The sites at 1900 Shore Parkway, 1894 Shore Parkway along Bay 41st Street in Gravesend (Credit: Google Maps)

Abraham Fructhandler’s FBE buys South Brooklyn sites for $58M

New York City Councilmember Carlos Menchaca and Industry City (Credit: Getty Images, Industry City)

Sunset Park Community Board divided on Industry City

Heritage Equity Partners Toby Moskovits and Michael Lichtenstein

Lawsuit: Toby Moskovits, Michael Lichtenstein owe investor $3M

From left: 172 Madison Avenue, 100 East 53rd Street, Woolworth Tower, 53 West 53rd Street, 615 10th Avenue

Loan wolves: Bankers are stalking developers as debts come due

CenterPoint CEO Bob Chapman, 101-01 Avenue D (top) and 103-00 Foster Avenue (Credit: Google Maps)

Warehouse frenzy continues as newcomer makes $134M Brooklyn buy

ART: 51 Jay Street and from left: Martin Nussbaum, Dvir Cohen and David Schwartz

Condo owners at 51 Jay sue Slate Property Group, Adam America

arrow_forward_ios
Loading...