Innovo Property Group secures $435m loan for new industrial development in Long Island City

Innovo Property Group (IPG) has closed a $435 million loan from Starwood Property Trust and JPMorgan. The funds provided will be utilized to refinance the new industrial development, The Borden Complex, located at 23-30 Borden Avenue in Long Island City.

The Borden Complex will be a state-of-the-art multistory logistics and warehouse space with onsite parking upon its completion. Optimally located within a 10-minute commute to Midtown Manhattan and less than 30 minutes from New York City’s major airports, the industrial facility will feature truck courts and a vertical parking structure providing direct access to each level of the building. Construction of the property is expected to be completed in 2024.

“We are thrilled to close this refinance loan with Starwood and JPMorgan,” said Andrew Chung, founder and CEO of IPG. “The Borden Complex will be a draw to tenants looking to service Manhattan, Brooklyn and Queens with great efficiency. The industrial sector