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Posted: May 30, 2023
Innovo Property Group and Affinius Capital close $334 million recapitalization of 2505 Bruckner Blvd. - one million s/f industrial
Bronx, NY Innovo Property Group (IPG) with Affinius Capital LLC (Affinius Capital) closed a $334 million recapitalization of 2505 Bruckner Blvd., a one million s/f, urban industrial facility. The existing construction lender, Bank OZK provided a $250 million senior mortgage, while PIMCO provided a $84 million mezzanine loan.
Andrew Chung, founder and CEO of IPG said, “2505 Bruckner Blvd. is a stand-out urban industrial property specifically designed to service a large population and address the needs of high-profile tenants. This recapitalization is a milestone achievement in this project’s lifecycle, especially in this economic climate. We believe the quality of the space and its amenities are differentiators and, in a city where most of the industrial offerings are out-of-date, new class-A spaces are going to continue to be in high-demand.”
Delivered in 2022, 2505 Bruckner Blvd. is a, multi-story urban industrial facility featuring industrial amenities including 28-to-32-ft.clear height ceilings, 106 loading doors, as well as 664 interior parking spaces for cars and sprinter vans. Optimally located to allow tenants of the property to serve up to 9.4 million people within a 15-mile radius, the site has access to the Cross Bronx Expwy., Hutchinson River Pkwy., and the Bruckner Expwy. 2505 Bruckner Blvd. is 53% leased to one of the world’s largest ecommerce companies.
“2505 Bruckner is the epitome of premium urban industrial space and securing this recapitalization is a testament to the quality of the offering. With over half of the building already leased, we believe the class-A industrial market in NYC is positioned to perform well in 2023,” said Charles Ochman, senior managing director of Affinius Capital.
Earlier this year, IPG celebrated the topping out of its newest project, The Borden Complex. Located at 23-30 Borden Ave. in Long Island City, the world-class mixed-use development broke ground during summer 2022 and is expected to wrap construction in spring 2024.
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