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Brokerage
Posted: June 27, 2023
Innovo Property Group secures $354 million equity recapitalization and construction financing
Queens, NY Innovo Property Group (IPG) closed on $354 million of equity and vertical construction financing for a New York City industrial project. The site is located at 28-90 Review Ave., at the intersection of Review and Borden Aves. in Long Island City. The Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs), and IPG provided the equity in the deal while Axos Bank and Cerberus Capital Management provided the construction financing.
Upon completion, 28-90 Review Ave. will be an industrial warehouse facility with onsite electric vehicle ready parking. Featuring 60,000 s/f floorplates, the building is positioned for traditional industrial users and designed for multi-tenant use. 28-90 Review Ave. is expected to be completed by the end of 2025.
Andrew Chung, founder and CEO of IPG said, “We have a deep understanding of New York City’s industrial needs, and have excelled in developing strategically placed, highly functional, industrial properties. We look forward to delivering this new project as the immediate area continues to become the Borden Innovation District in the heart of New York City.”
Michael Lohr, a managing director in the Urban Investment Group within Goldman Sachs Asset Management said, “We believe that this new facility has the potential to address the growing demand for warehouse space in the New York City industrial market through its strategic location and convenient access to Manhattan and the Outer Boroughs. We look forward to seeing the impact it will have onto the community by creating new economic activities and job opportunities.”
IPG continues to lead the industrial market and has recently announced milestone accomplishments. Earlier this month, IPG with Affinius Capital LLC closed a $334 million recapitalization of 2505 Bruckner Blvd., a one million s/f, industrial facility in the Bronx.
Earlier this year, IPG celebrated the topping out of 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. Upon its completion, the Borden Complex will be a multistory mixed-use development set to feature both class-A industrial and purpose-built film studio space.
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