$49M acquisition and construction loan secured for Class A Brooklyn logistics facility
JLL Capital Markets arranges the financing on behalf of Turnbridge Equities and Dune Real Estate Partners LP
NEW YORK, February 9, 2022 — JLL Capital Markets announced today that it has secured $49 million in acquisition and construction financing for the development of Bank Street, a Class A logistics facility located at 807 Bank St. and 300 DeWitt Ave. in Brooklyn, New York.
JLL represented the sponsor, Turnbridge Equities and Dune Real Estate Partners LP, and placed the loan with Starwood Property Trust.
Located on a 2.06-acre development site, Bank Street will feature 80,000 square feet of warehouse space in addition to 92,000 square feet of covered and rooftop parking. The property is located on its own city block with no adjacent neighboring buildings, providing a prospective tenant with frontage and direct access to three city streets.
Bank Street is a one-minute drive from the arterial Linden Boulevard/Highway 27 and is a seven-minute drive from the Pennsylvania Avenue exit of the Belt Parkway, connecting the property to Interstates 278, 678, 478 and 495 with minimal drive-time on local roads. The property is also a 12-minute drive from John F. Kennedy International Airport.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Christopher Peck and Managing Director Peter Rotchford.
“This project is strategically situated in the Brooklyn submarket, which has an extraordinarily low vacancy rate of 1.5 percent,” Peck said. “The facility will provide prospective tenants exceptional access to the 20 million people within the greater New York City and Tri-State distribution base, the most densely populated region in the nation.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Turnbridge Equities
Turnbridge Equities, an SEC-registered investment advisor, is a privately held, full service real estate investment and development firm headquartered in New York City, with additional offices in Miami, Austin, Los Angeles and Washington, D.C. Turnbridge’s vertically integrated platform and extensive relationships enable the company to acquire, develop, reposition and operate real estate. Turnbridge’s current holdings span all asset classes and are located in Miami, Austin, Raleigh-Durham, Northern Virginia, Washington, D.C., Boston, New Jersey and New York. Since its inception, Turnbridge has developed a proven track record of identifying and getting ahead of micro and macro trends before they are widely acknowledged by the broader real estate investment community and as such, has amassed a portfolio of over $1.5 billion in total capitalization in all asset classes. In addition, Turnbridge has established a reputation for creating off market opportunities that have a defined value add strategy that drives the outcome rather than relying on improving market conditions.
About Dune Real Estate Partners
Dune Real Estate Partners is a New York City-based real estate investment firm executing an investment strategy that focuses on distressed, deep value-add and contrarian investing balanced by region, sector, and risk profile. Dune manages the Dune Real Estate Funds, which were launched by Mr. Daniel M. Neidich in 2005 and have raised approximately $4.3 billion of equity capital to date. Dune invests on behalf of pension funds, sovereign wealth funds, endowments and other large institutions and individuals.
About Starwood Property Trust, Inc.
Starwood Property Trust (NYSE: STWD) is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. An affiliate of global private investment firm Starwood Capital Group, the Company has successfully deployed over $76 billion of capital since inception and manages a portfolio of over $21 billion across debt and equity investments. Starwood Property Trust’s investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at starwoodpropertytrust.com.