Centennial Bank Provides $50M Redevelopment Loan for Queens Industrial Property
Financing for 425,000-SF Triangle Equities site will reimagine the property into a modern logistics facility
By Brian Pascus December 19, 2023 3:17 pm
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Triangle Equities has secured a $50 million first-lien mortgage for its 425,000-square-foot industrial development in College Point, a residential neighborhood directly across from LaGuardia Airport in Queens, Commercial Observer has learned.
Centennial Bank, also known as Home BancShares, provided the financing, which replaces existing debt on the project and funds both construction and its pre-development design. A JLL Capital Markets team of Geoff Goldstein, Rob Hinckley and Tyler Peck arranged the financing on behalf of Triangle Equities.
Goldstein said in a statement that Triangle Equities aims to use the deal “to capitalize on the continued demand” for industrial and other logistics facilities in the area.
“This financing presented lenders with an extremely rare opportunity to lend against an as-of-right industrial development site with excellent access to all major roadways in the area,” he said.
Triangle Equities COO Evan Petracca noted that his firm has owned the property for 25 years and that he plans to redevelop the site into “a purpose-built, best-in-class facility.”
Located on a 9-acre plot at 30-02 Whitestone Expressway, the industrial site was built in 1999 and has previously housed a Toys R Us, a Party City, and a multiplex cinema. As it sits beside the Whitestone Expressway, the site also offers easy access to Grand Central Parkway and the Whitestone Bridge, and is a short drive from both LaGuardia Airport and JFK International Airport.
“This reimagined project will take advantage of the site’s scale and convenient location to provide renewed economic development to College Point and serve the wider area for decades to come,” said Petracca.
Brian Pascus can be reached at bpascus@commercialobserver.com
