JLL’s Capital Markets group arranged $50.15 million in financing for a two-property industrial portfolio in Maspeth, Queens, on behalf of Sitex Group and a diversified global investment firm.
Lake Forest Bank & Trust Company N.A. provided the financing, comprising a $39.4 million loan for 58-80 Borden Avenue. and a $10.75 million loan for 54-12 48th Street.
58-80 Borden Avenue is a 146,583-square-foot industrial outdoor storage and low-coverage facility located adjacent to the Long Island Expressway. The property includes 26,619 square feet of building space and is 100% leased to a single tenant that has occupied the location since 2004 and expanded its presence in 2023 under a long-term lease. The property will serve as a major garage, vehicle repair and maintenance facility for fire trucks and EMS vehicles.
54-12 48th Street is a 35,928-square-foot electrified industrial outdoor storage facility that is fully leased to a Brooklyn-founded electric transportation company. The site now has nearly five megawatts (MW) of power, includes 60 charging stalls and is designed to become the largest fast-charging station in the Northeast.
“These properties are a good example of the kind of industrial real estate we continue to target in high-barrier-to-entry markets like New York City,” said Zach McHugh, principal at Sitex Group. “JLL understood the portfolio and worked closely with us to find the right capital partner. The financing gives us flexibility to continue investing in these assets and executing our long-term strategy for the portfolio.”
The JLL Capital Markets Debt Advisory team was led by Managing Director Jillian Mariutti and Director Alex Staikos.
“Industrial financing has become increasingly asset-specific, with lenders focused on location, tenant credit, lease duration and how critical the real estate is to the tenant’s operations,” said Staikos. “For this portfolio, the combination of supply-constrained New York City locations, long-term tenancy and the importance of these facilities to their users generated strong lender interest and allowed us to secure attractive financing for the sponsors.”
