LoanCore Capital Provides $85M Refi for Queens Air Cargo Industrial Warehouse
Terminal Logistics Center opened in 2021 as only the second multistory air cargo warehouse in the U.S.
By Brian Pascus July 24, 2024 10:56 am
reprints![Max Herzog of IPA Capital Markets](https://commercialobserver.com/wp-content/uploads/sites/3/2024/07/Max-Herzog-IPA-CROP-WEB.jpg?quality=80&w=551)
Developer Triangle Equities and its partner Goldman Sachs Urban Investment Group have secured $85 million to refinance a Terminal Logistics Center, a Class A industrial space in Queens, Commercial Observer has learned.
LoanCore Capital provided the $85 million refinancing, while IPA Capital Markets — a subsidiary division of broker Marcus & Millichap (MMI) — arranged the financing. The IPA Capital Markets team was led by Max Herzog, Marko Kazanjian, Max Hulsh and Andrew Cohen.
Terminal Logistics Center had previously secured an $87 million construction loan from CIT Bank, during the build-up of the project. That loan was replaced by a $75 million recapitalization from HIG Realty Credit Partners, together with $61 million in equity from Triangle Equities and Goldman Sachs Urban Investment Group, CO previously reported.
Triangle secured a $32.1 million debt package for the development in early 2018 that included a $19 million floating-rate loan from Citizens Bank.
Herzog noted that Triangle Equities, which developed the property in 2021, has since turned the property into a Class A asset that is fully leased.
“The end product appealed to the lending market, allowing our IPA team to negotiate favorable financing terms for the sponsor, overcoming the challenges of the current lending environment,” said Herzog in a statement.
Located at 130-02 South Conduit Avenue in Jamaica, Queens — a short drive from both JFK International Airport and the Port of New York and New Jersey — Terminal Logistics Center is a first of its kind in New York and the second in the U.S.: a vertical air cargo facility.
The five-story building serves as both an industrial warehouse and a self-storage center. It includes approximately 164,295 square feet of rentable space and an additional 102,275 square feet of truck courts.
As of last year, the facility was 100 percent leased to DO & CO New York Catering, an Austria-based catering company focusing on airlines, airports, international events, restaurants, lounges and hotels.
Andrew Coen contributed reporting to this article
Brian Pascus can be reached at bpascus@commercialobserver.com