A US$ 49M loan has been secured from Starwood Property Trust, a leading diversified financial company with a core focus on the real estate and infrastructure sectors, to facilitate the commencement of construction on the Class A Bank Street logistics facility in New York.
Turnbridge Equities. an SEC-registered, privately-held full-service real estate investment and development firm headquartered in New York, and Dune Real Estate Partners LP, a New York City-based real estate investment firm executing an investment strategy that focuses on distressed, deep value-add and contrarian investing balanced by region, sector, and risk profile secured the loan represented by JLL Capital Markets.
An insight into the Bank Street Logistics facility and project
The Bank Street logistics facility will be developed on an approximately 2.6-acre site, located at 807 Bank St. and 300 DeWitt Ave in Brooklyn. The development site, which was acquired for US$ 22.5M, already had some warehouses on it that the developers plan to demolish.
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This will make way for a 170,000 square-foot speculative development that can be customized to suit the needs of future tenants. Construction is expected to commence in May, with the completion date scheduled for Q2 of 2023.
Upon completion, the Bank Street logistics facility will consist of an 80,000 square-foot warehouse and a 90,000 square-foot covered rooftop parking space. The industrial project will also feature four full-size loading docks, eight drive-in doors, and 18-foot clear heights.
