Innovo, Square Mile land $305M in construction financing for Bronx warehouse
Money comes from Bank OZK and EverWest Real Estate Investors
Andrew Chung’s Innovo Property Group and Square Mile Capital Management have secured $305 million in construction financing for a 1 million-square-foot industrial development in the Bronx.
The loan for 2505 Bruckner Boulevard came from Bank OZK and the finance arm of EverWest Real Estate Investors, the developers announced on Thursday.
A Cushman & Wakefield team of Adam Spies, Adam Doneger, Steve Kohn and Alex Hernandez arranged the deal.
Construction on the 20-acre site should be finished by the first quarter of 2022, according to the developers. They purchased the site–the former home of Whitestone Multiplex Cinemas–in 2017 from Extell Development for about $75 million and filed plans for the warehouse early last year.
The estimated total cost of the project should range from $300 million to $500 million, and the developers plan to lease it to e-commerce companies for deliveries.
The project will stand two stories tall with a 130-foot truck court on each floor.
Innovo Property Group has been an extremely active warehouse buyer in recent years. The firm came to a $430 million agreement in September to buy out Westbrook Partners’ roughly 90 percent stake in their warehouse at 24-02 49th Avenue in Queens, and it has also purchased warehouses at 58-30 Grand Avenue in Maspeth for $39 million and 23-30 Borden Avenue in Long Island City for $75 million.