Turnbridge Equities has formed a joint venture with Dune Real Estate Partners and secured a $105 million loan to build a state-of-the-art logistics center in the Bronx.
JLL Capital Markets arranged the joint venture equity partner and the predevelopment debt financing on behalf of Turnbridge for Bronx Logistics Center, a 14.2-acre site at 980 East 149th Street in Hunts Point submarket.
Representing Turnbridge Equities in the equity recapitalization Andrew Scandalios, Tyler Peckand Thomas Pryor. Christopher Peck, Peter Rotchford and Kristin Knapp arranged the debt financing with JP Morgan.
Bronx Logistics Center is expected to be one of the largest multi-story, last mile distribution facilities in the region when complete, and is currently the only planned industrial development site in the New York City market with available rail access.
Turnbridge completed the five-property assemblage in a series of off-market transactions beginning in 2018
“We believe strongly in this one-of-a-kind asset and the Bronx industrial market,” said Ryan Nelson, Managing Principal, Turnbridge.
“There is enormous tenant demand for quality, last mile distribution space in this supply-constrained region. The innovative design and unbeatable location of the Bronx Logistics Center is poised to capitalize on the surging e-commerce trade in this area and growing consumer demand for faster and more convenient deliveries.”
“Turnbridge is pleased to complete our recapitalization of the Bronx Logistics Center development and excited to announce our new strategic venture with top-tier investment firm Dune,” adds Andrew Joblon, Managing Principal and Founder of Turnbridge. “The successful track record of Turnbridge and Dune, combined with our shared investment philosophy and capital flexibility, creates a formidable partnership. We look forward to jointly completing this world-class last-mile distribution facility.”
“We are excited for our joint venture with Turnbridge, a partner with a proven track record within New York City’s logistics market,” said Daniel M. Neidich, CEO of Dune. “Bronx Logistics Center is well-positioned to capture accelerating tenant and investor demand for urban infill industrial assets within the significantly supply-constrained New York City region.”