Lester Petracca’s Triangle Equities + Matthew Gorelik’s Township Capital + Andy Smith’s L&B Realty Advisors have secured an $87 million construction loan from CIT Group for its development at 130-24 South Conduit near JFK Airport. Plans call for a 300,000-square-foot cargo warehouse and storage facility.
- Dig Deeper: TRD noted that the logistics center will stand five stories tall with 29 dock loading positions and truck courts that can handle tractor trailers spanning 53 feet. The truck courts will be on the bottom two floors, and the top three floors will be storage space.
- Worth Noting: Township and L&B previously provided $14.25 million in equity financing and $27 million in equity capital for the project, which is expected to have a total capitalization of about $129 million.
- Flashback: Triangle Equities paid $25.4 million for the site in 2018.