NEW YORK, NY – The New York City-based real estate investment and operating company, Innovo Property Group has closed on a $155 million construction loan for an industrial development in Long Island City, NY.
The loan was provided by an affiliate of Starwood Property Trust Inc. and will be used to fund the construction costs for a 900,000-square-foot development, located at 23-30 Borden Ave.
The site will be transformed into a new five-story, industrial building, which will serve as a last-mile distribution warehouse facility. The development will feature elevated truck courts and an on-site vertical parking structure, which will provide direct access to each level of the building.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
