Triangle Equities secured $32.1m in land acquisition and pre-development financing for a industrial project in proximity to John F. Kennedy International Airport in Queens, New York. Holliday Fenoglio Fowler sourced the funding with a $10.1m investment in the form of joint venture capital with L&B Realty Advisors. L&B has additionally committed to the vertical capitalization of the project. HFF also placed a $19m, floating-rate loan with Citizens Bank. The remainder of the capitalization came from Triangle Equities.
The scheme will include a three-story industrial facility on a 119,000 sq ft lot located at 130-120 South Conduit Avenue in South Ozone Park. The site is currently operating as a surface parking facility which has frontage on the Belt Parkway, approximately one mile from JFK Airport. The facility is expected to have first- and second-floor loading and clear heights ranging from 23 to 26 feet.
