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Industry City gets $720M refinancing

The debt replaces a $647M loan provided in 2017

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.

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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

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Blackstone GroupBrooklynIndustry CityReal Estate Finance