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.
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Commercial
New York
Triangle Equities files plans for nearly $100M Queens warehouse
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.