Dealmaker: Walker & Dunlop Arranges $94M for New York Logistics Center

(College Point Logistics Center, Queens, N.Y.)

Walker & Dunlop, Bethesda, Md., arranged $94 million in construction financing for College Point Logistics Center, a Class A logistics warehouse development in College Point, Queens, N.Y.

Wildflower Ltd., New York, and joint-venture partner Drake Real Estate Partners, New York, are developing the $146 million logistics center on the Whitestone Expressway in College Point.

“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,” said Adam Gordon, Managing Partner of Wildflower. The asset’s location provides access to LaGuardia International Airport, John F. Kennedy International Airport and the Red Hook Container Terminal.

Jonathan Schwartz, Aaron Appel, Mo Beler, Ari Hirt and Triston Stegall led Walker & Dunlop’s Capital Markets team that arranged the floating-rate loan.

When completed, College Point Logistics Center will be a modern Class A warehouse and structured parking facility with 81,000 rentable square feet of industrial space, 160,000 square feet of enclosed parking spanning two floors accessible via a ramp, and 68,000 square feet of surface parking and loading space.