New York Outer Boroughs industrial portfolio refinanced with $60.8M loan

MORRISTOWN, N.J., April 19, 2022 – JLL Capital Markets announced today that it has arranged a $60.8 million refinancing for a fully leased, seven-property light industrial portfolio totaling 199,457 square feet in Brooklyn, Queens and The Bronx, New York.

JLL worked exclusively on behalf of the borrower, Seagis Property Group LP, to place the 10-year, fixed-rate, interest only, non-recourse loan with Chase.

The portfolio includes industrial properties at 250 Johnson Ave., 124-134 Forrest St. and 132 54th St. in Brooklyn; 58-17 59th Dr. and 5700 49th Pl. in Maspeth, Queens; and 1108 Zerega Ave. and 2500 Waterbury Ave. in The Bronx. Fully leased to eight tenants, the Class B properties offer clear heights ranging from 16 to 28 feet, 20 loading positions, some office finish and ample parking.

The properties are in high-demand, infill locations within the New York Outer Boroughs Industrial market and in some of the most densely populated areas of the country. According to JLL Research, vacancy declined in the fourth quarter of 2021 to a low 1.6 percent, and asking rates increased 15.5 percent year-over-year to $30.28 per square foot.

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Directors Gregory Nalbandian and Jim Cadranell, Vice President Michael Lachs and Director Alex Staikos.

“As one of the premier owners of industrial real estate in the Outer Boroughs Industrial market, Seagis acquired these highly demanded assets at an extremely attractive basis and implemented their value-add strategy very effectively post acquisition,” Nalbandian said. “JLL was honored to assist Seagis once again on another very successful financing enabling our client to take advantage of the very favorable capital markets environment today.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Seagis Property Group LP owns and operates 12 million square feet of industrial buildings in New Jersey, New York City, and Miami-Dade/Broward. Seagis is headquartered in suburban Philadelphia, with offices at One Tower Bridge, 100 Front Street, Suite 350, Conshohocken, PA, 19428.