Scandalios, Hinckley, Rizzi, Peck and Goldstein of HFF place $32.1 million for 300,000 s/f development by Triangle Equities

 

 

 

 

Queens, NY Holliday Fenoglio Fowler, L.P. (HFF) has completed land acquisition and pre-development financing totaling $32.1 million for the eventual development of a three-story, 300,000 s/f industrial project close to John F. Kennedy International Airport.

The HFF team worked on behalf of the developer, Triangle Equities, to arrange an initial $10.1 million investment in the form of joint venture capital with L&B Realty Advisors (L&B). L&B has additionally committed to the vertical capitalization of the project. The HFF team also placed the $19 million, floating-rate loan with Citizens Bank. Loan proceeds will be used for land acquisition and pre-development costs. The remainder of the capitalization came from Triangle Equities.

The three-story industrial facility will be constructed on a 119,000 s/f lot located at 130-120 South Conduit Ave. in South Ozone Park and is currently operating as a surface parking facility. The lot features frontage on the Belt Parkway and is approximately one mile from JFK Airport. The property is proximate to the Port of New York and New Jersey, one of the largest natural harbors in the world and the third largest port in the U.S. The facility is expected to have first- and second-floor loading and clear heights ranging from 23 to 26 feet.

The HFF equity placement team included senior managing director Andrew Scandalios, managing directors Rob Hinckley and Rob Rizzi and associate Tyler Peck.

The HFF debt placement team consisted of senior director Geoff Goldstein.

“The property is strategically positioned to capture the insatiable demand for modern, ‘last-mile’ distribution space located in highly populated urban areas,” Hinckley said.