Innovo Property Group has solidified its position as the leading NYC-based builder of multi-story industrial warehouses by securing a $345M recapitalization that includes construction financing for a six-story industrial building in Long Island City.
Axos Bank and Cerberus Capital Management are providing construction financing for the project, located at 28-90 Review Avenue. Innovo bought the site from JBL Asset Management in 2020 for $34M.
Goldman Sachs Asset Management's Urban Investment Group is partnering with Innovo to provide equity in the deal, the companies announced this week. A JLL team arranged the debt and equity.
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