{"id":479851,"date":"2024-06-10T11:03:21","date_gmt":"2024-06-10T15:03:21","guid":{"rendered":"https:\/\/commercialobserver.com\/?p=479851"},"modified":"2024-06-10T11:03:21","modified_gmt":"2024-06-10T15:03:21","slug":"acore-refis-queens-industrial-property-69m-loan","status":"publish","type":"post","link":"https:\/\/commercialobserver.com\/2024\/06\/acore-refis-queens-industrial-property-69m-loan\/","title":{"rendered":"Acore Refis Queens Industrial Property With $69M Loan"},"content":{"rendered":"

The KABR Group<\/b> has sealed a $69.2 million loan to refinance an industrial asset in Jamaica, Queens, Commercial Observer has learned.<\/span><\/p>\n

Acore Capital<\/b> provided the loan on the developer\u2019s <\/span>Ideal Building<\/b> property at <\/span>184-10 <\/b>and <\/span>184-60 Jamaica Avenue<\/b>. KABR <\/span>acquired<\/span><\/a> the sites with two interconnected five- and six-story buildings for $73 million in 2022 from <\/span>Artemis Real Estate Partners<\/b>, CO previously reported citing property records.<\/span><\/p>\n

\u201cAcore is excited to lend on an infill industrial asset in the outer boroughs for excellent sponsorship in KABR,\u201d <\/span>Eric Ramirez<\/b>, co-head of Eastern region originations at Acore, said in a statement. The market fundamentals and demand for urban industrial product remain strong and continue to produce attractive lending opportunities.\u201d<\/span><\/p>\n

Cushman & Wakefield<\/b> arranged the transaction with a team led by <\/span>Gideon Gil<\/b> and <\/span>Dale Braverman<\/b>.\u00a0<\/span><\/p>\n

“This transaction underscores the strong demand for quality industrial assets in strategic locations within the outer boroughs,\u201d Gil said in a statement. \u201cSince acquiring the Ideal Building in 2022, KABR has fortified the legacy rent roll, increased occupancy, and commenced a comprehensive repositioning to transform the property to a best-in-class light industrial facility, which has led to significant leasing activity and momentum.\u201d<\/span><\/p>\n

Built in 1923, the 618,414-square-foot property features 14 loading docks, six freight elevators and 127 parking spaces. It previously housed the <\/span>Edward Langer Printer Company<\/b> and <\/span>The Ideal Toy Company<\/b>, and in January <\/span>inked<\/span><\/a> a 10-year lease from flex warehouse provider <\/span>ReadySpaces<\/b> for a new 115,898-square-foot facility,<\/span><\/p>\n

\u201cThe improvements that we have made to the building have allowed us to sign significant leases and unlock value in this great urban industrial asset,\u201d <\/span>Adam Altman<\/b>, managing member of The KABR Group, said in a statement.\u00a0<\/span><\/p>\n

Andrew Coen can be reached at <\/span><\/i>acoen@commercialobserver.com<\/span><\/i><\/a>\u00a0<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

The KABR Group has sealed a $69.2 million loan to refinance an industrial asset in Jamaica, Queens, Commercial Observer has learned. Acore Capital provided the loan on the developer\u2019s Ideal Building property at 184-10 and 184-60 Jamaica Avenue. KABR acquired the sites with two interconnected five- and six-story buildings for $73 million in 2022 from […]<\/p>\n","protected":false},"author":177935190,"featured_media":479854,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"apple_news_api_created_at":"2024-06-10T15:03:27Z","apple_news_api_id":"17386e02-c377-4e0c-b0b6-a51662a6a405","apple_news_api_modified_at":"2024-06-10T15:03:27Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AFzhuAsN3TgywtqUWYqakBQ","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"_ef_editorial_meta_paragraph_assignment":"","_ef_editorial_meta_date_first-draft-date":"","_ef_editorial_meta_checkbox_needs-photo":"","_ef_editorial_meta_number_word-count":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[231408,52845786,425196650],"tags":[598390104,598379546,425201004,117785900],"industry_type":[],"company":[354430522,425196886,598390103],"market":[4614,423636225,425197614,425197670],"sponsored":[],"coauthors":[598360636],"class_list":{"0":"post-479851","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-channel","8":"category-finance-channel","9":"category-refinance","10":"tag-adam-altman","11":"tag-dale-braverman","12":"tag-eric-ramirez","13":"tag-gideon-gil","14":"observer_company-acore-capital","15":"observer_company-cushman-wakefield","16":"observer_company-kabr-group","17":"market-new-york","18":"market-new-york-city","19":"market-queens","20":"market-jamaica"},"acf":{"alternative_og_image":""},"apple_news_notices":[],"parsely":{"version":"1.1.0","canonical_url":"https:\/\/commercialobserver.com\/2024\/06\/acore-refis-queens-industrial-property-69m-loan\/","smart_links":{"inbound":0,"outbound":0},"traffic_boost_suggestions_count":0,"meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Acore Refis Queens Industrial Property With $69M Loan","url":"http:\/\/commercialobserver.com\/2024\/06\/acore-refis-queens-industrial-property-69m-loan\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/commercialobserver.com\/2024\/06\/acore-refis-queens-industrial-property-69m-loan\/"},"thumbnailUrl":"https:\/\/commercialobserver.com\/wp-content\/uploads\/sites\/3\/2024\/06\/DSC06900-Edit.jpg?quality=80&w=150","image":{"@type":"ImageObject","url":"https:\/\/commercialobserver.com\/wp-content\/uploads\/sites\/3\/2024\/06\/DSC06900-Edit.jpg?quality=80"},"articleSection":"Refinance","author":[{"@type":"Person","name":"Andrew Coen"}],"creator":["Andrew Coen"],"publisher":{"@type":"Organization","name":"Commercial Observer","logo":""},"keywords":["adam altman","dale braverman","eric ramirez","gideon gil","finance","refinance","channel","acore capital","cushman & wakefield","kabr group","acoen","new york","new york city","queens","jamaica"],"dateCreated":"2024-06-10T15:03:21Z","datePublished":"2024-06-10T15:03:21Z","dateModified":"2024-06-10T15:03:21Z"},"rendered":"