Innovo Property Group (IPG) with Affinius Capital LLC (Affinius Capital) closed a $334 million recapitalization of 2505 Bruckner Blvd., a one million-square-foot, premium urban industrial facility in the Bronx. The existing construction lender, Bank OZK provided a $250 million senior mortgage, while PIMCO provided a $84 million mezzanine loan.
Delivered in 2022, 2505 Bruckner Blvd. is a state-of-the-art, multistory urban industrial facility featuring unparalleled industrial amenities including 28-to-32-foot clear height ceilings, 106 loading doors, as well as 664 interior parking spaces for cars and sprinter vans.
“2505 Bruckner Blvd. is a stand-out urban industrial property specifically designed to service a large population and address the needs of high-profile tenants. This recapitalization is a milestone achievement in this project’s lifecycle, especially in this economic climate,” said Andrew Chung, founder and CEO of IPG. “We believe the quality of the space and its amenities are differentiators and, in a city where most of the industrial offerings are out-of-date, new Class-A spaces are going to continue to be in high-demand.”
Located to allow tenants to serve up to 9.4 million people within a 15-mile radius, the site has easy access to the Cross Bronx Expressway, Hutchinson River Parkway and the Bruckner Expressway. The property is 53% leased to one of the world’s largest e-commerce companies.
“2505 Bruckner is the epitome of premium urban industrial space and securing this recapitalization is a testament to the quality of the offering. With over half of the building already leased, we believe the Class-A industrial market in NYC is positioned to perform well in 2023,” said Charles J. Ochman, senior managing director of Affinius Capital.
Photo credit: Innovo Property Group
