Bronx Logistics Center Lands $381M Construction Loan
Real Estate In-Depth | September 21, 2021
NEW YORK—Commercial brokerage firm JLL announced on Sept. 17 that its Capital Markets group arranged $381 million in construction financing for the development of Bronx Logistics Center, a Class A, two-story last-mile distribution facility totaling 1.3 million square feet in the Bronx.
JLL worked on behalf of the developer, a partnership between Turnbridge Equities and affiliates of Dune Real Estate Partners LP, to secure the loan from accounts managed by KKR. JLL previously arranged the recapitalization and joint venture between Turnbridge Equities and affiliates of Dune Real Estate Partners in 2020.
Situated on 14.2 acres in the Hunts Point submarket of the Bronx, the Bronx Logistics Center is positioned for a last mile logistics facility, given its close proximity to the region’s major transit arteries, I-95, I-87 and I-278, affording access to more than 17 million consumers within a 30-minute drive. The location allows the future tenancy to serve the growing need for faster delivery times to consumers, as same-day delivery is expected to account for more than 25% of e-commerce transactions by 2025.
The JLL Capital Markets team that arranged the construction financing was led by Senior Managing Director Christopher Peck, Managing Director Peter Rotchford and Associate Madison Warwick. Senior Managing Director Andrew Scandalios and Senior Director Tyler Peck arranged the predevelopment financing and equity partnership.