Innovo Property Group (IPG) today with Affinius Capital LLC (“Affinius Capital”) closed a $334 million recapitalization of 2505 Bruckner Boulevard, a 1 million square foot, premium urban industrial facility in the Bronx. The existing construction lender, Bank OZK provided a $250 million senior mortgage, while PIMCO provided a $84 million mezzanine loan.
Andrew Chung, Founder and CEO of IPG said, “2505 Bruckner Boulevard is a stand-out urban industrial property specifically designed to service a large population and address the needs of high-profile tenants. This recapitalization is a milestone achievement in this project’s lifecycle, especially in this economic climate. We believe the quality of the space and its amenities are differentiators and, in a city where most of the industrial offerings are out-of-date, new Class-A spaces are going to continue to be in high-demand.”
Delivered in 2022, 2505 Bruckner Boulevard is a state-of-the-art, multistory urban industrial facility featuring unparalleled industrial amenities including 28-to-32-foot clear height ceilings, 106 loading doors, as well as 664 interior parking spaces for cars and sprinter vans. Optimally located to allow tenants of the property to serve up to 9.4 million people within a 15-mile radius, the site has easy access to the Cross Bronx Expressway, Hutchinson River Parkway, and the Bruckner Expressway. 2505 Bruckner Boulevard is 53% leased to one of the world’s largest ecommerce companies.
“2505 Bruckner is the epitome of premium urban industrial space and securing this recapitalization is a testament to the quality of the offering. With over half of the building already leased, we believe the Class-A industrial market in NYC is positioned to perform well in 2023,” said Charles J. Ochman, Senior Managing Director of Affinius Capital.
Earlier this year, IPG celebrated the topping out of its newest project, The Borden Complex. Located at 23-30 Borden Avenue in Long Island City, the world-class mixed-use development broke ground during Summer 2022 and is expected to wrap construction in Spring 2024. Upon its completion, the Borden Complex will be a state-of-the-art multistory mixed-use development set to feature both Class-A industrial and purpose-built film studio space.
