RXR Realty and partner JBA Logistics have recently secured $316 million in financing for a 1.1 million-sq. ft. warehouse development to be occupied by Amazon in Queens.
Crain’s New York Businessreports that the Grand Logistics Center at 55-15 Grand Ave. had previously been a Cascades Copntainerboard Packaging factory until the partnership purchased it for $72 million in 2018.
The new five-story warehouse is expected to be completed in 2022.
“The construction loan market became challenging, but we were highly confident in the merits of the project despite the environment,” said RXR president Michael Maturo. “We were fortunate to identify a lead bank and have multiple participants to fill out the syndication on a large loan with optimal terms in this market.”
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