Triangle Equities lands $87M loan for massive JFK warehouse project

Construction loan for its Terminal Logistics Center comes from CIT Group

New York /
Jan.January 23, 2020 03:15 PM
Renderings of 130-02 South Conduit Avenue and Triangle Equities’ Joshua Weingarten (Credit: Terminal Logistics)

Renderings of 130-02 South Conduit Avenue and Triangle Equities’ Joshua Weingarten (Credit: Terminal Logistics)

Triangle Equities’ massive industrial project in Queens just got another step closer to reality.

The developer has secured an $87 million construction loan from CIT Group for the huge warehouse it’s building near John F. Kennedy International Airport, the company announced on Thursday.

The firm and its partners Township Capital and L&B Realty Advisors are constructing a roughly 300,000-square-foot cargo warehouse and storage facility at 130-24 South Conduit Avenue called Terminal Logistics Center. Township and L&B previously provided $14.25 million in equity financing and $27 million in equity capital for the project, which is expected to have a total capitalization of about $129 million.

The logistics center will stand five stories tall with 29 dock loading positions and truck courts that can handle tractor trailers spanning 53 feet. The truck courts will be on the bottom two floors, and the top three floors will be storage space.

“The maturation of the e-commerce market creates a growing need for last-mile distribution centers,” Township CEO Matthew Gorelik said in a statement. “Terminal Logistics Center’s prime location near JFK Airport and the core strength of the New York market provide a tremendous opportunity for superior risk-adjusted returns.”

A JLL team led by Geoff Goldstein, Rob Hinckley, Tyler Peck, Jackie Ferrer and Brendan Collins arranged the deal with CIT.

Triangle Equities bought the site with Township Capital and an undisclosed pension-fund partner in 2018 for $25.4 million. They hope to deliver the space to tenants by this coming fall.

Triangle Equities submitted plans for the project with the Economic Development Corporation in 2017 and filed plans for it with the Department of Buildings the following year.


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
Matthew Dicker, Adam Gordon and Jeff Bezos with 1255 and 12595 Flatlands Avenue (Getty, Brooklyn Logistics Center) 

Amazon inks major warehouse deal in East New York

Amazon inks major warehouse deal in East New York
One Madison Avenue and Marc Holliday (Photos via SL Green)

SL Green snags $1.25B construction loan for One Madison Avenue

SL Green snags $1.25B construction loan for One Madison Avenue
11 Penn Plaza and 120 Wall Street (VNO, Wikipedia Commons)

Manhattan’s top real estate loans post second best month since March

Manhattan’s top real estate loans post second best month since March
Square Mile Capital CEO Craig Solomon and The Real Deal's Hiten Samtani

WATCH: “It’s going to take longer, and it’s going to cost more”: Craig Solomon on the real estate capital stack

WATCH: “It’s going to take longer, and it’s going to cost more”: Craig Solomon on the real estate capital stack
OneTitle's Seth Brown (iStock)

OneTitle set out to change the title industry. Now it’s out of business

OneTitle set out to change the title industry. Now it’s out of business
The Scribner Building at at 597 Fifth Avenue and Joe Sitt of Thor Equities (Wikipedia Commons)

Thor delinquent on $105M loan at 597 Fifth

Thor delinquent on $105M loan at 597 Fifth
arrow_forward_ios

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

Loading...