Triangle Equities secures $50M pre-development financing for premier multi-story logistics facility in Queens

NEW YORK, Dec. 21, 2023 – JLL Capital Markets announced today that it has arranged $50 million in first mortgage financing for the 425,000-square-foot industrial development site located at 30-02 Whitestone Expressway in College Point, Queens.

JLL represented Triangle Equities, a New York-based owner, operator, and developer. The lender, Centennial Bank, provided financing to replace the existing debt and fund the pre-development and design for the construction of a best-in-class multi-story industrial asset at the site.

30-02 Whitestone Expressway is situated on a 9.76-acre lot in one of the most well-connected distribution sites in New York City. It is directly adjacent to the Whitestone Expressway and easy access to Grand Central Parkway, Whitestone Bridge and the surrounding boroughs (Manhattan, Bronx, Brooklyn, Westchester County and Long Island). The site is also easily accessible by public transportation and boasts proximity to both LaGuardia Airport and John F. Kennedy International Airport.

The JLL Capital Markets team that arranged the financing was led by Geoff Goldstein, Rob Hinckley and Tyler Peck.

“This financing presented lenders with an extremely rare opportunity to lend against an as-of-right industrial development site with excellent access to all major roadways in the area,” said Goldstein. “Institutional long-term ownership plans to capitalize on the continued demand for modern logistics facilities in the region.”

“As the owners and operators of this property for more than 25 years, we are extremely excited to be working with the outstanding teams at Centennial Bank and JLL to finance its redevelopment into a purpose-built, best-in-class facility,” said Evan Petracca, Chief Operating Officer of Triangle Equities. “This reimagined project will take advantage of the site’s scale and convenient location to provide renewed economic development in College Point and serve the wider area for decades to come.”

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 and sales 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.

For more news, videos and research resources, please visit JLL’s newsroom.

Founded in 1986 by Lester Petracca, Triangle Equities is a diversified, full-service real estate company that entitles, develops, owns, and operates commercial, residential, and mixed-use properties throughout New York City and State. Triangle focuses on complex projects, including public-private partnerships, public RFP’s, projects that leverage tax credits, and are experts on city, state and federal development incentive programs.

With offices in New York, Dallas, Los Angeles and Miami, CCFG is Centennial Bank’s national platform for commercial real estate and corporate cash flow lending. Centennial Bank is a wholly-owned subsidiary of Home BancShares (NYSE: HOMB), with assets surpassing $23B as of October 1, 2022 and ranked #1 of Forbes’ list of America’s Best Banks 3 times including 2018, 2019, and 2022.