Apollo Subsidiary Refis Staten Island Industrial Outdoor Storage Site With $88M Loan
By Andrew Coen May 8, 2023 1:04 pmreprints
DH Property Holdings (DHPH) has secured an $88 million debt package to refinance an industrial outdoor storage (IOS) development in Staten Island, Commercial Observer can first report.
Athene, a retirement services subsidiary of Apollo Global Management (APO), supplied the loan for DHPH’s 1900 South Avenue property. Loan proceeds will be used for refinancing existing debt, funding capital improvement work at the site and repatriating equity to DHPH.
Walker & Dunlop arranged the transaction with its New York capital markets team led by Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Ianno.
“We continue to see more lenders be active in the IOS space, especially for sites like 1900 that feature flexible zoning, a diverse tenant roster, and proximity to major transportation nodes,” Jonathan Schwartz said in a statement.
DHPH acquired 1900 South in December 2020 before also purchasing additional adjacent parcels the following year. City Asphalt occupies space on the property, and DHPH signed Insurance Auto Auctions as a new tenant earlier this year. The site spans more than 50 acres along the Staten Island waterfront and is zoned for warehouse, industrial and distribution space.
Aaron Malitzky, executive vice president of DHPH, said the company is “thrilled” to close another financing with Apollo “as we continue to execute our business plan at 1900 South Avenue.”
Officials at Apollo did not immediately return a request for comment.
Andrew Coen can be reached at firstname.lastname@example.org.