Innovo Property Group (IPG) has secured a $435M refinancing for a 5-story industrial building, known as The Borden Complex, the company is planning to build in Long Island City.
Starwood Property Trust is providing the primary loan while JPMorgan Chase provides mezzanine debt for the project, located at 23-30 Borden Avenue in the Queens neighborhood.
Manhattan-based IPG filed permits with NYC's Department of Buildings at the end of 2020 to build a 166-foot tall multistory warehouse and studio on the 4.7-acre site, which Innovo purchased for $75M in January 2019 in a joint venture transaction with Atalaya Capital Management and Nan Fung Group.
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