Heitman Lends $163M on Hudson Valley Industrial Buy
By Andrew Coen December 3, 2021 10:12 am
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Lincoln Equities Group and H.I.G. Realty Partners have nabbed $163.3 million of financing for the acquisition and construction of an industrial property in New York’s Hudson Valley, Commercial Observer has learned.
Heitman supplied the loan toward the joint venture’s planned Brewster Distribution Center in Brewster, N.Y. Cushman & Wakefield (CWK)’s John Alascio, Chuck Kohaut, TJ Sullivan and Meredith Donovan arranged the transaction.
“The debt capital markets continue to show strong interest in infill industrial projects for top-tier sponsors,” Alascio said in a statement. “This project certainly fits that box with a best-in-class partnership of Lincoln Equities Group and H.I.G. combined with a unique location east of the Hudson River that is proximate to New York City and adjacent to multiple interstates.”
Located on 50 Prospect Hill Road in Putnam County, five miles north of Westchester County, the property totals 328 acres and has a fully approved site plan to develop 921,000 square feet across two Class A industrial facilities. Construction is slated for completion in the second quarter of 2023.
“Brewster Distribution Center’s strategic location will offer users immediate access to each of the New York City, Westchester and Connecticut markets,” Joel Bergstein, president of Lincoln Equities Group, said in a statement.
Representatives for Heitman did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
