LBA Logistics and RXR Realty have secured a $316 million financing package from JPMorgan Chase for its warehouse development at 55-15 Grand Avenue in Maspeth, according to The Real Deal. The package includes a $184 million construction loan, an $88 million project loan, and $43 million acquisition loan.
- Plans: Upon completion, the five-story warehouse will span 770,000 SF, and allow trucks to load on the first three floors. Amazon agreed to pre-lease the space in June. The project will expand Amazon’s network of last-mile delivery warehouses.
- Flashback: RXR and LBA spent $72 million on the parcels in January 2018.
- Be Smart: At $93 per buildable SF, and assuming an additional $200 per SF in construction costs, this deal will be windfall for the buyers, as Amazon is paying at least in the mid $30’s per SF in rent. [TRD]