$154 million in construction financing provided for Brooklyn industrial project

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640 columbia st
640 Columbia St. rendering from the Costar Group

Developers have arranged more than $154 million in construction financing for a planned industrial project at 640 Columbia St. in Brooklyn.

The Commercial Observer reports that DH Property Holdings and Goldman Sachs Asset Management arranged the financing from J.P. Morgan Chase and Square Mile Capital Management in a deal that closed on July 20.

Hollister Construction Services (under Chapter 11 protection) is leading the design, planning and build out of the three-story structure designed by Ware Malcomb. Work on the site started last summer for what will become the first multi-story logistics assets on the East Coast.

The roughly 337,000-sq. ft. project occupies just over four acres. There will be access ramps to its loading docks on the second floor and a private elevator servicing the third floor, real estate information service CoStar Group says.

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