Triangle Equities Seals $136M Recap for Queens Air Cargo Warehouse


Triangle Equities has recapitalized its planned warehouse project near JFK International Airport with a $75 million debt package and a new equity partnership with Goldman Sachs (GS) Asset Management’s Urban Investment Group, the developer announced Monday. 

H.I.G. Realty Credit Partners provided the loan on the joint venture’s Terminal Logistics Center in Jamaica, Queens, which is being positioned as the first vertical air cargo development on the East Coast. 

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The $136 million recap also includes $61 million of new equity from Goldman Sachs and Triangle. The new equity component replaces a previous $87 million construction loan from CIT Group and investments from Triangle’s original partners — Township Capital and a pension fund client advised by L&B Realty Advisors

“Terminal Logistics Center has been a market leader since it was announced as the first vertical air cargo facility on the East Coast,” Josh Weingarten, director of capital markets at Triangle Equities, said in a statement. “The project’s leadership in the urban industrial space continues as we stabilize the asset.”

Triangle secured a $32.1 million debt package for the Terminal Logistics Center development in early 2018 that included a $19 million floating-rate loan from Citizens Bank

The project, which is in a federally designated opportunity zone at 130-02 South Conduit Avenue, broke ground in 2020 and is slated to be ready for tenant occupancy this summer. The facility features 26-foot clear heights, a 50-foot column grid and 300-pound live-load capacity. Twenty six of the 29 loading berths are dedicated to air cargo, logistics and industrial use.

The facility is 100 percent leased to DO & CO New York Catering, an Austria-based catering company focusing on airlines and airports, international events, and restaurants, lounges and hotels.. The investment qualifies for opportunity zone program tax benefits.

“Our investment in Terminal Logistics Center furthers our goal of creating new economic activities and job opportunities,” Michael Lohr, managing director in Goldman Sachs’  Urban Investment Group within Goldman Sachs Asset Management. “This facility’s centralized location near JFK International Airport and both the Port of New York and New Jersey will allow it to serve many communities, and we look forward to seeing the impact it will have.”

JLL (JLL)’s capital markets debt advisory team led by Geoff Goldstein and Max Herzog arranged the transaction. Andrew Scandalios, Rob Hinckley, Tyler Peck and Nicco Lupo of JLL provided advisory services. 

“Ideally located next to JFK with extraordinary accessibility and prominent visibility, this site is positioned to meet the demands of the largest concentration of consumers in the nation,” Goldstein said in a statement. “Tri-modal access and highly flexible space position the property to accommodate tenants seeking logistics, air cargo or warehouse space.”

Andrew Coen can be reached at