August 8, 2017
Sitex Group borrowed $119 million to buy and reposition a portfolio of industrial properties in the Red Hook neighborhood of Brooklyn.
“The sponsor’s strong track record and diligence on the site location enabled Meridian to tailor a financing structure that provided the client with the optimal flexibility of a balance sheet transaction with a very attractive loan-to-cost ratio,” explained Tal Bar-Or, senior managing director for Meridian Capital Group, which arrange the financing with a debt fund.
The portfolio fills 11.4 acres on the Brooklyn waterfront (pictured), including five two-story industrial assets at 44 Ferris St., 68 Ferris St., 100 Ferris St., 216 Sullivan St., and 242-300 Coffrey St. totaling 285,994 square feet of warehouse space, along with a 99,740-square-foot parking lot.
The buildings are part of a six-building site Sitex purchased earlier this year from Italian developer, Est4te Four for $105 million.
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