A joint venture between the Urban Investment Group within Goldman Sachs Asset Management and Triangle Equities has completed a $136-million recapitalization of Terminal Logistics Center, a two-story, 184,747-square-foot industrial condominium project in Queens’ Jamaica neighborhood. The new financing includes $75 million in debt supplied by H.I.G Realty Credit Partners and $61 million in equity from Goldman Sachs and Triangle which replaces the initial construction financing of $87 million from CIT Bank as well as an equity investment by Triangle’s original partners Township Capital and a pension fund client advised by L&B Realty Advisors. The mixed use industrial project is expected to be ready for tenant occupancy at the end of Q2 2023.
Michael Lohr, Managing Director at Goldman Sachs Asset Management commented on their involvement: “Our investment in Terminal Logistics Center furthers our goal of creating new economic activities and job opportunities.” JLL represented the joint venture throughout this transaction process..
