College Point Logistics Center in Queens : Wildflower secures construction financing
Wildflower and its joint-venture partner Drake Real Estate Partners have secured $143 million in funding for the development of their College Point Logistics Center, Queens, New York.
The funding, which was arranged by Walker & Dunlop’s Capital Markets, constitutes a $94 million construction financing and $49 million in equity.
The College Point Logistics Center is situated on the Whitestone Expressway (I-678) in College Point. It marks Wildflower’s eighth industrial project in Queens.
The $146 million College Point Logistics Center is a Class A warehouse and structured parking facility. It has direct access to both LaGuardia International Airport, John F. Kennedy International Airport, New York and Atlantic Railways, and the Red Hook Container Terminal.
Adam Gordon — Wildflower managing partner said: “The industrial and logistics market is in desperate need of a modern warehouse and distribution facility, especially in such a prominent location along the Whitestone Expressway that provides immediate access to all major NYC highways.”
Wildflower secures construction financing for College Point Logistics Center in Queens. Photo courtesy of Walker & Dunlop, Inc.
The ground-up facility will feature 81,000 rentable square feet of industrial space,160,000 square feet of enclosed parking spanning two floors, and 68,000 square feet of surface parking and loading space.
Matthew Dicker — Wildflower partner and chief financial officer said: “We are thrilled to close another deal with Walker & Dunlop’s NY Capital Markets team.
“This represents Wildflower’s eighth industrial project in Queens, and we are excited to watch College Point flourish in the years to come.”
Walker & Dunlop’s Capital Markets team was led by Jonathan Schwartz, Mo Beler, Aaron Appel, Triston Stegall, and Ari Hirt.
The College Point Logistics Center is anticipated to be completed in Q2 2024.
Wildflower, with more than three million square feet of real estate in the New York metro area, focuses on the development of industrial warehouse, logistics parking, film studio, and self-storage assets.
Drake Real Estate Partners has invested across various geographies and property types, with more than $2.3 billion transactions so far.
Walker & Dunlop said its Capital Markets segment sourced capital for transactions totalling closely $26 billion from non-Agency capital providers in 2022.