Sitex Group acquired an industrial outdoor storage property in Maspeth for $50 million in late 2021. Sitex Group has secured a $39.4 million loan to refinance the property.
Lake Forest Bank & Trust Company supplied the loan for the 146,583 square-foot property at 58-80 Borden Avenue. The New York City Fire Department signed a 20-year lease for a new garage and repair facility at the property in February 2023.
JLL negotiated the debt, and its capital markets team was led by Jillian Mariutti and Alex Staikos. Staikos said industrial financing has become increasingly asset-specific, with lenders focused on location, tenant credit, lease duration and how critical the real estate is to the tenant's operations.
Zach McHugh, principal at Sitex Group, said the property is a good example of the kind of industrial real estate they target in high barrier to entry markets like New York City.