Real estate company JLL’s subsidiary Capital Markets group has arranged $381m construction loan from accounts managed by KKR for the development of Bronx Logistics Center in the Bronx, New York, the US.
The company secured funding on behalf of the developer, a joint venture between Turnbridge Equities and affiliates of Dune Real Estate Partners.
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The new 1.3 million ft2, Class-A distribution facility is located on 14.2 acres in the Hunts Point submarket of the Bronx.
It is located in close proximity to I-95, I-278, I-895 and the RFK Bridge to Manhattan and Queens and is within walking distance to two subway stations.
The site includes a CSX freight railway spur, which will provide direct rail access for tenants and is situated near the Hunts Point Food Distribution Center.
It also provides access to New York City, and many of its surrounding suburbs that include toll-free access to Manhattan.
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By GlobalDataJLL stated that the new two-story distribution facility is positioned to serve increasing consumer demand for faster and more convenient as well as same-day deliveries.
Previously, the company has arranged the recapitalisation and joint venture between Turnbridge Equities and affiliates of Dune Real Estate Partners in last year.
In January last year, JLL Capital Markets secured $870m loan for the first phase of the South Station redevelopment in Massachusetts, US.
The company secured funding on behalf of a joint venture between affiliates of US-based real estate firm Hines, APG Groep NV and Dune Real Estate Partners from The Children’s Investment Fund to fund the first phase of the project.
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JLL arranges $381m construction loan for the development of Bronx Logistics Center in the US. Credit: GRAPHICALBRAIN from Pixabay.
