April 3, 2020
Innovo Property Group (IPG) and Square Mile Capital Management LLC have obtained construction financing totaling $305 million for their development of a one-million-square-foot, two-story logistics and distribution facility at 2505 Bruckner Blvd. in the Bronx. The project is expected to be completed in the first quarter of 2022.
The construction loans were provided by Bank OZK and the Structured Finance platform of EverWest Real Estate Investors. A Cushman & Wakefield team of Adam Spies, Adam Doneger, Steve Kohn and Alex Hernandez arranged the financing.
IPG and affiliates of Square Mile Capital purchased the 20-acre site at 2505 Bruckner in 2017. The facility they’re building there will be within 30 minutes of more than 9.4 million people, offering convenient access to Manhattan, Queens, Brooklyn, Long Island and Connecticut.
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