Lincoln Equities Group and H.I.G. Realty Partners have secured $163,250,000 in acquisition and construction financing for the Brewster Distribution Center in Putnam County. The loan was provided by Heitman.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut, TJ Sullivan and Meredith Donovan represented the borrower.
“The debt capital markets continue to show strong interest in infill industrial projects for top-tier sponsors. This project certainly fits that box with a best-in-class partnership of Lincoln Equities Group and H.I.G. combined with a unique location east of the Hudson River that is proximate to New York City and adjacent to multiple interstates,” said Alascio. “We are proud to have represented this dynamic partnership on what is sure to be a successful project.”
“Brewster Distribution Center’s strategic location will offer users immediate access to each of the New York City, Westchester and Connecticut markets,” added Joel Bergstein, President of Lincoln Equities Group.
Brewster Distribution Center is located in Brewster, less than five miles north of Westchester County and half a mile from Interstate 84 and Interstate 684. The property totals 328 acres and has a fully approved site plan to develop 921,000 square feet across two Class A industrial facilities. Construction is expected to be completed in Q2 2023.
Situated east of the Hudson River just north of New York City, Brewster Distribution Center offers expansive regional access and rare scale in a restrictive and land constrained market. This strategically located distribution center site can reach more than 22.3 million consumers within a two-hour drive, making this site one of the premier infill locations on the eastern seaboard.