Innovo Property Group and Affinius Capital have completed a $334 million recapitalization of 2505 Bruckner Boulevard, a one million square feet urban industrial facility in the Bronx. Bank OZK provided a $250m senior mortgage, while PIMCO provided an $84m mezzanine loan.
Andrew Chung, founder and CEO of Innovo Property Group (IPG), stated that “2505 Bruckner Boulevard is an exceptional urban industrial property designed to meet the needs of high-profile tenants”. He added that this recapitalization was especially remarkable given the current economic climate.
The property features 106 loading doors and 664 interior parking spaces with 53% occupancy by an e-commerce giant. This project marks another milestone for IPG and Affinius Capital as they continue to invest in real estate development projects throughout New York City’s boroughs..
