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Debt & Equity

CIT Group antes up $87M loan for multi-story JFK logistics hub

Triangle Equities Development Company and its partners, Township Capital Inc. and L&B Realty Advisors LLP, announced the closing of an $87 million construction loan for the ground-up development of Terminal Logistics Center.

The to-be-built, approximately 300,000 s/f Class A air-cargo warehouse and storage facility will rise adjacent to John F. Kennedy International Airport in Queens, N.Y.

When completed, the facility will be one of the first modern, multi-story industrial buildings constructed in the country.

JLL Capital Markets worked on behalf of the borrowers to place the construction loan with CIT Group Inc. JLL had previously worked on behalf of Triangle Equities to secure $14.25 million in equity financing from L&B Realty Advisors LLP and Township Capital for the project and as part of the closing, the joint venture committed an additional $27 million in equity capital.

Total capitalization for the project is approximately $129 million.

Located at 130-24 South Conduit Avenue in South Ozone Park, Terminal Logistics Center’s urban location and proximity to the JFK International Airport will allow it to capture the rising demand from air-cargo and freight related tenants as well as last-mile, ecommerce tenants and tenants servicing airport operations.

Terminal Logistics Center will also be a state-of-the-art, modern logistics facility in a market where only one new building has been delivered in the past 10 years, and the existing buildings feature an average age of 58 years old. Additionally, modern Class A product in this market features less than one percent vacancy. With 468 feet of frontage at the confluence of the Belt Parkway, Van Wyck Expressway (I-678) and South Conduit Avenue, the multi-story property will offer exceptional signage and visibility to approximately 300,000 commuters per day.

The five-story building will feature 26 ft. clear heights, 29 dock loading positions, 50 ft. column grid, 300-pound live load and truck courts that accommodate 53 ft. tractor trailers on both the ground and second floors along with warehouse/storage space on the third – fifth floors.

The fully secure, gated, state-of-the-art facility will have access to cargo areas with a back-door route in and out of JFK.

“Triangle Equities is thrilled to partner with CIT Group Inc. to bring Terminal Logistics to the finish line,” said Josh Weingarten, Director of Capital Markets at Triangle Equities. “We anticipate this multi-level facility will be the first vertical air cargo development on the East Coast, setting a new standard for Class-A air cargo space in the JFK market.”

The JLL Capital Markets professionals overseeing the financing assignment include Geoff Goldstein, Rob

Hinckley, Tyler Peck, Jackie Ferrer and Brendan Collins. The deal was initially secured by Holliday Fenoglio Fowler LP prior to being acquired by JLL on July 1, 2019.

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