BHI, the U.S Branch of Bank Hapoalim, B.M. and a full-service commercial bank, closed a $22.2 million loan with LGP Capital to finance the construction of 1081 Dolsontown Road in Middletown, NY. The financing was facilitated by Rose Schwartz of The Everest Equity Inc., who played a key role in structuring and securing the loan on behalf of the sponsor.
The 19.7-acre site will be home to a new industrial logistics facility totaling 240,981 SF with 36-foot clear height ceilings, including 3,000 amps of electric, 1 drive in door, 36 dock high doors and approximately 7,500 square feet of finished office space. In addition, this building will provide parking for 96 cars and 14 trailers. The property benefits from immediate access to major transportation routes, including Interstate 84, 86, 87 and Route 6 and 65 miles to Newark port, enabling seamless distribution throughout the New York metropolitan area and the Northeast Corridor. Additionally, the property is 20 miles from New York Stewart International Airport, which is increasingly becoming a hub for cargo fleets for easy distribution to surrounding industrial facilities.
The project is a joint venture between LGP Capital and RDM Group.
The Sponsor is a seasoned real estate investor and developer specializing in the acquisition and development of commercial, industrial, and residential properties across the tri-state area. Today, he has more than 2MM SF of real estate in various stages of development with a portfolio that is primarily concentrated in upstate and western New York State as well as New Jersey.
RDM Group is a leading developer of industrial spaces in Orange County that specializes in delivering modern industrial warehouses, specialized distribution centers, light manufacturing facilities, and storage solutions. Their comprehensive approach covers every phase of development, including land acquisition, zoning and land use approvals, securing government incentives, building planning, construction management, and leasing.
“This transaction reflects BHI’s continued commitment to supporting high-quality industrial development across the region,” said Ilana Druyan, Senior Vice President – Team Leader and Head of International Origination – CRE, at BHI, who led the financing effort together with Claire Grassey, Assistant Vice President, and Ingo Cruz Pinto, Vice President and Relationship Manager, of BHI’s Commercial Real Estate Group. “As global commerce continues to evolve, these facilities are critical to improving access, strengthening supply chains, and meeting the demands of a fast-moving economy. We’re excited to partner with developers who share our vision for building the backbone of a more connected and efficient future.”
“We’re excited to bring these next-generation logistics facilities online at a time when the Middletown industrial corridor is quickly becoming one of the most vital distribution hubs in the country,” said a spokesperson for LGP Capital. “It’s a pleasure to work with BHI on strengthening supply chains that can power the future of commerce throughout the region.”