Innovo secures $ 155 million building mortgage for Queens warehouse

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Andrew Chung of Innovo Property Group with 23-30 Borden Avenue in Lengthy Island Metropolis (Google Maps)

Innovo Property Group’s huge warehouse growth in Lengthy Island Metropolis has secured a lot of the development funding.

Innovo secured a $ 155 million building mortgage new constructing at 23-30 Borden avenue, which beforehand housed a FreshDirect warehouse. The corporate plans to construct an 842,000 sq. foot, 5 story industrial construction on 4.7 acres of land. The mortgage was granted by a subsidiary of Starwood Property Belief, in response to Innovo.

The brand new constructing will function a final mile distribution heart, with raised truck courts and a vertical parking construction that may present direct entry to every stage, the developer mentioned.

The commercial sector has been one of many strengths of economic actual property as increasingly more individuals store on-line. The mortgage proves the worth of “Innovo’s deliberate state-of-the-art, expansive facility,” CEO Andrew Chung mentioned in an announcement.

Innovo, in partnership with Atalaya Capital Administration and Hong Kong-based Nan Fung Group, acquired the property in January 2019 for $ 75 million. The house owners have since demolished the present warehouse to make manner for the brand new constructing.

Gary Phillips, Phil McKnight and Steve Binswanger of Eastdil Secured organized the funding for Innovo.

Innovo has grow to be one of many metropolis’s most energetic gamers within the industrial sector. Final 12 months the corporate landed on a $ 305 million building mortgage for a 1 million sq. foot warehouse growth within the Bronx. The corporate acquired the location in 2017 from Extell Growth for $ 75 million.

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