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JLL Arranges $381MM Construction Loan for Bronx Logistics Center

September 20, 2021, 07:10 AM
Filed Under: Commercial Real Estate

JLL announced its Capital Markets group arranged $381 million in construction financing for the development of Bronx Logistics Center, a Class A, two-story last-mile distribution facility totaling 1.3 million square feet in the Bronx, New York.

JLL worked on behalf of the developer, a partnership between Turnbridge Equities and affiliates of Dune Real Estate Partners LP, to secure the loan from accounts managed by KKR. JLL previously arranged the recapitalization and joint venture between Turnbridge Equities and affiliates of Dune Real Estate Partners in 2020.

Situated on 14.2 acres in the Hunts Point submarket of the Bronx, the well-located Bronx Logistics Center is perfectly positioned for a last mile logistics facility, given its close proximity to the region's major transit arteries, I-95, I-87 and I-278, affording access to over 17 million consumers within a 30-minute drive. The property offers exceptional access to greater New York City, as well as many of its surrounding suburbs, including immediate, toll-free access to Manhattan. The location allows the future tenancy to serve the growing need for faster delivery times to consumers, as same-day delivery is expected to account for over 25 percent of e-commerce transactions by 2025.

The JLL Capital Markets team that arranged the construction financing was led by Senior Managing Director Christopher Peck, Managing Director Peter Rotchford and Associate Madison Warwick. Senior Managing Director Andrew Scandalios and Senior Director Tyler Peck arranged the predevelopment financing and equity partnership.

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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