JPMorgan to finance developer’s 1.3M sf vertical hub
Dov Hertz has landed a big construction loan for his multi-story warehouse development in Sunset Park.
JPMorgan provided the developer’s DH Property Holdings with nearly $442 million in financing for its planned 1.3 million-square-foot Brooklyn distribution hub, sources familiar with the transaction told The Real Deal.
The financing will allow DH Property and its partners — Bridge Development Partners and Banner Oak Capital Partners — to start building the four-story warehouse next year. Construction is expected to take between 36 and 40 months.
Representatives for DH Property and JPMorgan declined to comment. TradedNY first reported the loan, which was arranged by Eastdil Secured.
For the full article, visit https://therealdeal.com
DH Property Holdings is a leading real estate development, investment and asset management firm focusing on complex industrial distribution warehouses in dense, urban-core areas.
