NEW YORK CITY — Walker & Dunlop’s capital markets team has arranged $94 million in construction financing for the development of College Point Logistics Center in the College Point neighborhood of Queens, just across Flushing Bay from LaGuardia International Airport.
A joint venture between Wildflower Ltd. and Drake Real Estate Partners is developing the project, with construction costs estimated at $146 million.
College Point Logistics Center will be a ground-up warehouse and structured parking facility. The property will feature 81,000 square feet of rentable industrial space, as well as 160,000 square feet of enclosed parking across two floors and 68,000 square feet of surface-level parking.
Wildflower designed the project with ground-floor warehouse space and multi-story parking to maximize the project’s efficiency and meet the needs of modern industrial and logistics tenants. College Point Logistics Center is located alongside the Whitestone Expressway, making it accessible to LaGuardia and John F. Kennedy International Airports, the New York and Atlantic Railways and the Red Hook Container Terminal.
Development of the facility is scheduled for completion in the second quarter of 2024.
Jonathan Schwartz, Aaron Appel, Mo Beler, Ari Hirt and Triston Stegall led the Walker & Dunlop team in securing the floating-rate loan on behalf of the joint venture.
— Channing Hamilton