Bank OZK, EverWest Provide $305M in Construction Debt for Bronx Logistics Facility
By Cathy Cunningham April 2, 2020 10:31 am
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Innovo Property Group and Square Mile Capital Management have closed $305 million in construction financing for their development of 2505 Bruckner Boulevard — a 1-million-square-foot trophy distribution facility in the Bronx.
The deal closed yesterday, sources close to the deal told Commercial Observer.
Bank OZK (OZK) and EverWest Real Estate Investors provided the debt for the project, which is expected to be completed in 2022. A source close to the deal said that Bank OZK provided $265 million and EverWest $40 million.
Cushman & Wakefield’s Adam Spies, Adam Doneger, Steve Kohn, and Alex Hernandez negotiated the debt.
The sponsors acquired the property — which spans 20 acres — in 2017 from Gary Barnett‘s Extell Development, which purchased the site in 2015. It benefits from easy access to Manhattan, Queens, Brooklyn, Long Island and Connecticut.
When completed, the new Class A, two-story building will feature direct loading capabilities on both the first and second floors. The facility will also include 133 exterior parking spaces and 664 interior parking spaces.
JLL is the property’s leasing broker. One source familiar with the deal said that sponsorship is already “in discussions” with a couple of big tenants interested in leasing the building.
