JLL Capital Markets Holds Big Refi For Industrial Portfolio In NYC’s Outer Districts

JLL Capital Markets arranged a $60.8 million refinancing for a portfolio of seven fully leased light industrial properties totaling 199,457 square feet in Brooklyn, Queens and the Bronx in New York, JLL said in a press release.

JLL worked exclusively on behalf of the borrower, Seagis Property Group LP, to place the 10-year, fixed-rate, interest-only, non-recourse loan with Chase.

The portfolio includes industrial properties at 250 Johnson Ave., 124-134 Forrest St. and 132 54th St. in Brooklyn; 58-17 59th Dr. and 5700 49th Pl. in Maspeth, Queens; and 1108 Zerega Ave. and 2500 Waterbury Ave. in the Bronx. Fully leased to eight tenants, Class B properties offer headroom ranging from 16 to 28 feet, 20 cargo positions, office finish and ample parking.

The properties are located in high-demand infill locations within New York’s outer neighborhood industrial market and in some of the most densely populated areas in the country.

According to JLL Searchthe vacancy rate declined in the fourth quarter of 2021 to a low 1.6%, and demand rates increased 15.5% year-over-year to $30.28 per square foot .

JLL Capital Markets’ debt investment team representing the borrower was led by Senior Managing Directors Gregory Nalbandian and Jim Cadranell, Vice Chairman Michael Lachs and Director Alex Staikos.

“As one of the leading owners of industrial real estate in the Outer Boroughs industrial market, Seagis acquired these high-demand assets at an extremely attractive price and very effectively executed its post-acquisition value-added strategy. “, said Nalbandian.