Northmarq arranges $5.1M refinance of Queens-based warehouse and distribution center

Queens Distribution Center
33,488-sq.-ft. distribution center

NEW YORK — Northmarq’s White Plains Debt + Equity team led by Robert Ranieri successfully arranged the $5.1 million refinance of a 33,488-sq.-ft. multi-tenant warehouse and distribution center located at 120-65 168th St. in Queens, New York.

Northmarq arranged the permanent-fixed financing on behalf of the borrower through a relationship with Ameritas Investment Partners. The transaction was structured on a 10-year term.

"Another successful life company execution in the very strong Brooklyn industrial market for a partially owner-occupied, long-term Brooklyn business,” Ranieri said. “Funds were used to pay off an existing bank loan and provided some funds for future capital expenditures."

The property is located in the Jamaica neighborhood and is currently fully occupied by the United States Postal Service and two borrower-affiliated tenants: Oh! Nuts Warehousing Inc. and Online Express Manufactures & Distributors Inc. Located just off Baisley Blvd, the facility has nearby access to the Belt Parkway, Interstate 678 and JFK International Airport.

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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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