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

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

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
Greystone Development CEO Thomas Ryan and a rendering of the project (Courtesy of Greystone)

Greystone eyes $40M-plus for Park Slope luxury apartments

Greystone eyes $40M-plus for Park Slope luxury apartments
(iStock)

Banks see CRE loans delinquencies hit 5-year high

Banks see CRE loans delinquencies hit 5-year high
From left: Joe Biden, Starwood Capital's Barry Sternlicht, Blackstone's Stephen Schwarzman and Donald Trump (Getty; iStock)

Where real estate’s investment giants stand on Biden vs. Trump

Where real estate’s investment giants stand on Biden vs. Trump
Andrew Kimball and Carlos Menchaca with a rendering of Industry City (Getty)

Where’s the mayor? Council members say de Blasio’s MIA on Industry City rezoning

Where’s the mayor? Council members say de Blasio’s MIA on Industry City rezoning
141 Saint James Place and 380 Degraw Street in Brooklyn (Google Maps)

Clinton Hill townhouse leads Brooklyn’s priciest contracts of the week

Clinton Hill townhouse leads Brooklyn’s priciest contracts of the week
arrow_forward_ios

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

Loading...