NEW YORK, Sept. 17, 2021 /PRNewswire/ -- JLL announced today that its Capital Markets group arranged $381 million in construction financing for the development of Bronx Logistics Center, a Class A, two-story last-mile distribution facility totaling 1.3 million square feet in the Bronx, New York.
JLL worked on behalf of the developer, a partnership between Turnbridge Equities and affiliates of Dune Real Estate Partners LP, to secure the loan from accounts managed by KKR. JLL previously arranged the recapitalization and joint venture between Turnbridge Equities and affiliates of Dune Real Estate Partners in 2020.
Situated on 14.2 acres in the Hunts Point submarket of the Bronx, the well-located Bronx Logistics Center is perfectly positioned for a last mile logistics facility, given its close proximity to the region's major transit arteries, I-95, I-87 and I-278, affording access to over 17 million consumers within a 30-minute drive. The property offers exceptional access to greater New York City, as well as many of its surrounding suburbs, including immediate, toll-free access to Manhattan. The location allows the future tenancy to serve the growing need for faster delivery times to consumers, as same-day delivery is expected to account for over 25 percent of e-commerce transactions by 2025.
The JLL Capital Markets team that arranged the construction financing was led by Senior Managing Director Christopher Peck, Managing Director Peter Rotchford and Associate Madison Warwick. Senior Managing Director Andrew Scandalios and Senior Director Tyler Peck arranged the predevelopment financing and equity partnership.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Turnbridge Equities Turnbridge Equities is a privately held, SEC-registered, vertically integrated real estate investment and development firm with a demonstrated track record of success across a wide range of asset classes and markets.
About Dune Real Estate Partners Dune Real Estate Partners is a New York City-based real estate investment firm executing an investment strategy that focuses on distressed, deep value-add and contrarian investing balanced by region, sector, and risk profile. Dune manages the Dune Real Estate Funds, which were launched by Mr. Daniel M. Neidich in 2005 and have raised approximately $4 billion of equity capital to date. Dune invests on behalf of pension funds, sovereign wealth funds, endowments and other large institutions and individuals.
About JLL JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.