A partnership between LBA Logistics and RXR Realty has received a $316 million construction loan for the development of Grand Logistics Center, a 1.1 million-square-foot, state-of-the-art, multi-story distribution facility in the Queens community of Maspeth, N.Y.
The anticipated project completion date is December 2022.
Situated at 55-15 Grand Ave., Grand Logistics Center is positioned at the crossroads of the Brooklyn Queens Expressway and Long Island Expressway. The building’s location provides access to Manhattan and the outer borough markets, making possible the tenant’s last-mile delivery strategy to service the 7.9 million residents within the New York City metropolitan area.
“With most of the major banks hitting pause during the pandemic, the construction loan market became challenging, but we were highly confident in the merits of the project despite the environment,” said Michael Maturo, president of RXR Realty. “We were fortunate to identify
