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Posted: August 23, 2022
Innovo Property Group secures $435 million loan from Starwood Property Trust and JPMorgan
Queens, NY Innovo Property Group (IPG), a leading NYC-based real estate investment and operating company founded by Andrew Chung and backed by Nan Fung Group, closed on a $435 million loan from Starwood Property Trust, Inc. and JPMorgan. Eastdil Secured, LLC served as the advisor in the transaction. The funds provided will be utilized to refinance the new industrial development, The Borden Complex, located at 23-30 Borden Ave. in Long Island City.
The Borden Complex will be a multistory logistics and warehouse space with onsite parking upon its completion. Located within a 10-minute commute to Midtown Manhattan and less than 30-minutes from the city’s major airports, the industrial facility will feature truck courts and a vertical parking structure providing direct access to each level of the building. Construction of the property is expected to be completed in 2024.
“We are thrilled to close this refinance loan with Starwood and JPMorgan,” said Andrew Chung, founder and CEO of IPG. “The Borden Complex will be a draw to tenants looking to service Manhattan, Brooklyn, and Queens with great efficiency. The industrial sector has continued to outperform other asset classes and given the optimal location and unique design features of this property, we expect this complex to be in high demand.”
The 23-30 Borden Ave. site was acquired for $75 million by IPG in January 2019 with Atalaya Capital Management and Nan Fung Group. Following its acquisition, the partners demolished the FreshDirect warehouse that previously occupied the site and completed plans for the new development.
Since 2015, IPG has actively invested in Manhattan and its surrounding boroughs with a focus on value-add developments and redevelopments. With a robust portfolio of properties, IPG has been one of the most formidable industrial players in New York City with a focus on industrial developments and last-mile warehouse facilities.
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