Bank OZK Leads $334M Recap on Amazon-Leased Logistics Center in the Bronx
A joint venture between Innovo Property Group and Affinius Capital has landed a $334 million debt package for the recapitalization of a Bronx industrial development anchored by Amazon (AMZN), Commercial Observer can first report.
Bank OZK (OZK) provided a $250 million senior mortgage on the 1 million-square-foot logistics center at 2505 Bruckner Boulevard that opened in 2022, with PIMCO providing an $84 million mezzanine loan. Little Rock, Ark.-based Bank OZK also led a $305 million construction loan for the property in April 2020 along with EverWest Real Estate Investors.
“This recapitalization is a milestone achievement in this project’s life cycle, especially in this economic climate,” Andrew Chung, founder and CEO of Innovo, said in a statement.
Cushman & Wakefield (CWK)‘s Gideon Gil, Lauren Kaufman, Zachary Kraft and Dale Braverman arranged the transaction.
Innovo and Affinius (previously called Square Mile Capital Management) acquired the 20-acre 2505 Bruckner Boulevard site — the former home of Whitestone Cinemas — in 2017 from Gary Barnett‘s Extell Development. The developer built a two-story facility with 28- to 32-foot high ceilings, 106 loading doors and 664 interior parking spaces. Amazon leased 568,500 square feet at the property in November.
“With over half of the building already leased, we believe the Class A industrial market in New York City is positioned to perform well in 2023,” Charles Ochman, senior managing director of Affinius Capital, said in a statement.
Bank OZK and PIMCO declined to comment.
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