August 8, 2017 Comments Off on $119M Loan for Sitex Industrial Views: 458 New York News, Outer Boroughs New York

$119M Loan for Sitex Industrial

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.

Read More at Real Estate Weekly

For comments, questions or concerns, please contact Bendix Anderson


Get CRE News in 150 words

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: , ,

Comments are closed.