EverWest Partners with Bank OZK to Provide $305 Million Construction Loan for Mega Bronx, New York Logistics Development
April 15, 2020
April 15, 2020
The Structured Finance team of EverWest Real Estate Investors, alongside of Bank OZK, provided $305 million in construction financing for the development of a 1 million-square-foot, state-of-the-art last-mile logistics facility in Bronx, New York.
Being developed by Innovo Property Group (IPG) and Square Mile Capital Management, the multi-story, Class A facility will provide premier amenities and a highly strategic supply chain location for the booming e-commerce market.
“Although the New York metro is one of the most densely populated areas in the U.S., its stock of true Class A industrial space is limited,” said EverWest Managing Director Joe Chickey. “This project will help to fill that gap with a very scalable, exceedingly modern building that gives users same- and next-day delivery capabilities. The Square Mile and Innovo sponsorship has done an incredible job, and we are delighted to be able to support this exciting project.”
The new urban logistics facility is located on 20 acres at 2505 Bruckner Blvd., within 30 minutes of more than 9.4 million people and at the intersection of the Cross Bronx Expressway, Hutchinson River Parkway and Bruckner Expressway. Together, these offer direct access to Manhattan, Queens, Brooklyn, Long Island and Connecticut.
When completed, 2505 Bruckner Blvd. will feature two 130-foot truck courts supporting direct first- and second-floor loading. The first floor will offer 32-foot clear heights, 74 dock doors and two drive-in doors. The second floor will offer 28-foot clear heights, 37 loading doors and two drive-in doors, accessible via two double-wide ramps.
The site also includes ample space for fleet storage and parking, including over 130 exterior spaces for trailers and box trucks, and more than 650 interior spaces for cars and vans. Construction on 2505 Bruckner is underway now, with completion anticipated during 2022.
EverWest launched its structured finance platform in 2013 under the direction of industry veterans Tom McCahill and Joe Chickey, with a focus on originating and managing mezzanine debt, preferred equity financing and B-notes for U.S. commercial properties and developments. EverWest continues to actively seek new investment opportunities in major markets across the U.S.
About EverWest Real Estate Investors LLC
EverWest Real Estate Investors, LLC, a wholly owned subsidiary of GWL Realty Advisors, is a Denver, Colorado-based real estate investment manager and operator who invests in equity and structured finance investments across core, value add, development and opportunistic strategies in office, industrial, multi-family and retail property types. EverWest Real Estate Investors serves a variety of clients that include major institutional investment managers, pension plans, foundations, endowments and high-net-worth individuals. EverWest Real Estate Investors provides a full-service investment management operating platform through its five regional offices with established acquisition, asset management, property management, financing, operations and reporting capabilities to its clients. EverWest Real Estate Investors has regional offices in Charlotte, New York, San Francisco and Los Angeles. For more information, please go to www.EverWest.com.