NEW YORK, September 17, 2021 / PRNewswire / – JLL today announced that its Capital Markets group has organized $ 381 million in construction financing for the development of the Bronx Logistics Center, a two-story Class A last mile distribution facility totaling 1.3 million square feet in the Bronx, New York.
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 Dune Real Estate Partners affiliates in 2020.
Located on 14.2 acres in the Hunts Point submarket of Bronx, the well-located Bronx logistics hub is perfectly positioned for a last mile logistics facility, given its proximity to the region’s major transit arteries, I-95, I-87 and I-278, providing access to over 17 million consumers within a 30 minute drive. The property offers exceptional access to a greater New York City, as well as many of its surrounding suburbs, including immediate and toll-free access to Manhattan. The location allows future rental to meet the growing need for faster delivery times to consumers, as same-day delivery is expected to account for over 25% of e-commerce transactions by 2025.
The JLL Capital Markets team that arranged the construction finance was led by the Senior Managing Director Christophe peck, General manager Peter Rotchford and partner Madison Warwick. Chairman and CEO André Scandalios and principal director Tyler peck arranged the pre-development financing and the equity partnership.
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupants. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients, whether it is investment sales and advice, debt advice, equity advice or a recapitalization. The company has more than 3,000 capital markets specialists around the world with offices in nearly 50 countries.
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About Turnbridge Shares
Turnbridge Equities is a privately held, SEC-registered, vertically integrated real estate investment and development firm with a proven track record in a wide range of asset classes and markets.
About Dune Real Estate Partners
Dune Real Estate Partners is a New York CityReal estate investment company based on the execution of an investment strategy that focuses on troubled, high added value and counter-current investment balanced by region, sector and risk profile. Dune manages the Dune real estate funds, which were started by Mr. Daniel M. Neidich in 2005 and raised approximately $ 4 billion of equity to date. Dune invests on behalf of pension funds, sovereign wealth funds, endowments and other large institutions and individuals.
JLL (NYSE: JLL) is a leading professional services firm specializing in real estate and investment management. JLL is shaping the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, incredible spaces and sustainable real estate solutions for our clients, employees and communities. JLL is a Fortune 500 company with annual sales of $ 16.6 billion, operations in over 80 countries and a global workforce of over 92,000 in June 30, 2021. JLL is the brand name and registered trademark of Jones Lang LaSalle Incorporated. For more information, visit jll.com.
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