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Blackstone lends to Industry City

Image of Industry City (Credit: Industry City)

The ownership group behind Industry City has secured a $720 million loan package led by Blackstone, CO first reported. Bank of China, Deutsche Bank, and SL Green Realty also participated in the financing, which included a mezz component. The 6-million-square-foot, 35-acre development, sits on the waterfront in Sunset Park.

  • Financing details: The new debt replaces and upsizes the $647 million loan provided by Bank of China and SL Green on the 16-building commercial complex in December 2017. 
  • Industry City Ownership group: A consortium of Jamestown Properties, Belvedere Capital, and Angelo Gordon & Co. Ruby Schron’s Cammeby’s International and Abraham Fruchthandler’s FBE Limited are also investors in the mega-project. 
  • Be Smart: Plans for a $1 billion expansion plan is currently underway, and the ownership group is pushing rezoning that would allow additional retail, academic space, and offices at the site. A City Council vote will take place in the spring.

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