LoanCore Capital Provides $85M Refi for Queens Air Cargo Industrial Warehouse

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