Nine-Figure Construction Package
Commercial Observer
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A more than 6-acre project in Miami that’s due to include 1,600 homes, offices, retail and a marina has secured $340 million in construction loans. That’s especially newsworthy given the anemic commercial real estate financing climate now. Meanwhile, up in New York, two big names traded an industrial portfolio for $240 million.
— Tom Acitelli, Deputy Editor
Madison Realty Capital Upsizes Chetrit Group’s Miami River Loan to $340M
Chetrit Group’s Miami River project is floating along nicely. The developer just upsized its existing construction debt on the property to $340 million, Commercial Observer can first report. Madison Realty Capital (MRC) provided a $310 million construction loan on the project back in 2021 and added a $30 million mezzanine loan to the capital stack this week, bringing the total amount to $340 million. Galaxy Capital’s Henry Bodek arranged the financing. The project, which will span more than two city blocks when completed, is split into several phases.
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Blackstone Sells Queens Industrial Portfolio to Terreno for $246M
Private equity giant Blackstone parted ways with an industrial portfolio it acquired in 2019 near John F. Kennedy Airport. Industrial real estate investment trust Terreno Realty paid $246 million for 21 lots scattered across several blocks near the airport’s northern boundary in Springfield Gardens, Queens, according to property records made public Thursday. The deal for the Queens properties, which was first reported by PincusCo, represents the majority of a 1.2 million-square-foot industrial portfolio spread throughout New York, New Jersey, Los Angeles and the San Francisco Bay Area that Terreno purchased from Blackstone for $364.5 million. Terreno announced the deal last week without naming Blackstone as the seller.
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