Triangle Equities has recapitalized the Terminal Logistics Center, a forthcoming warehouse and air cargo development at 130-24 South Conduit Avenue in Jamaica, Queens in a new joint venture with the Urban Investment Group within Goldman Sachs.
Valued at $136 million, the recapitalization includes $75 million in debt supplied by HIG Realty Credit Partners, and $61 million in equity supplied by Goldman Sachs and Triangle. The new equity replaces the initial $87 million in construction financing supplied by CIT Bank and the equity investment supplied by Triangle’s original partners, Township Capital and a pension fund client advised by L&B Realty Advisors.
“Our investment in Terminal Logistics Center furthers our goal of creating new economic activities and job opportunities,” said Michael Lohr, managing director in the Urban Investment Group within Goldman Sachs Asset Management. “This facility’s centralized location near JFK International Airport and both the Port of New York and New Jersey, will allow it to serve many communities, and we look forward to seeing the impact it will have.”
Located near JFK Airport, the Terminal Logistics Center is the first vertical air cargo development on the East Coast. The two-story facility comprises just under 185,000 square feet and features 26-foot clear heights, a 50-foot column grid, and 300-pound live-load capacity. Truck courts on the bottom two floors will accommodate 53-foot tractor trailers and forklift accessible freight elevators.
GF55 Architects served as architect of record for the project.
“Terminal Logistics Center has been a market leader since it was announced as the first vertical air cargo facility on the East Coast,” said Josh Weingarten, director of capital markets, Triangle Equities. “The project’s leadership in the urban industrial space continues as we stabilize the asset with our best-in-class financing partners, Goldman Sachs, HIG, and JLL.”
Construction broke ground in 2020 and will be ready for tenant occupancy by the end of the second quarter of 2023. JLL represented a joint venture between Goldman Sachs and Triangle Equities in the transaction.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
In a business deal with this development on transaction, developers give an undertaking that they shall proceed with the body of laws on industrial space. Even in manufacturing I think that they no longer dominate by its project, but in the singularity to up structure is essential: Thanks.