Dov Hertz’s DH Property Holdings and Goldman Sachs Asset Management have secured $154.8 million in construction financing from J.P. Morgan Chase and Square Mile Capital Management for their planned industrial project at 640 Columbia Street in Red Hook, according to the Commercial Observer.
Plans: The three-story property, which broke ground last summer, will become the first multi-story logistics assets on the East Coast. Upon completion, the property will span 337,000 square feet. Each floor spans around 108,000 square feet to 115,000 square feet, with ceiling heights ranging from 18 to 28 feet. CoStar estimates that rents will run between $20 to $24 per square foot.
Flashback: The duo acquired the site in February 2018 for $47.5 million, and secured $33 million in financing from AllianceBernstein at the time. J.P. Morgan is in the senior position in this deal, while Square Mile provided a mezz loan. [CO]