Starwood Lends $49M on Brooklyn Industrial Development

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Turnbridge Equities and Dune Real Estate Partners have nabbed $49 million of financing to develop a new Brooklyn logistics facility, Commercial Observer has learned.

Starwood Property Trust provided the loan, which covers construction and acquisition costs for the joint venture’s project on a 2.06-acre site in Canarsie, Brooklyn. JLL Capital Markets arranged the deal with a team led by Christopher Peck and Peter Rotchford

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“This project is strategically situated in the Brooklyn submarket, which has an extraordinarily low vacancy rate of 1.5 percent,” Peck said in a statement. “The facility will provide prospective tenants exceptional access to the 20 million people within the greater New York City and tri-state distribution base, the most densely populated region in the nation.”

Located at 807 Bank Street and 300 DeWitt Avenue, the planned development will feature 80,000 square feet of warehouse space in addition to 92,000 square feet of covered and rooftop parking. Prospective tenants will have direct access to the frontage and streets around the property since it is situated on its own city block with no adjacent neighboring buildings, according to JLL.

The site formerly housed two warehouses, one that was 44,375 square feet and another that spanned 50,000 square feet, according to LoopNet

Representatives for Turnbridge Equities, Dune Real Estate Partners and Starwood did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.