Tinton Falls-based Progress Capital on Tuesday announced it arranged an $85,000,000 loan to refinance what was once the world’s largest warehouse and rebuilding facility for food processing equipment for Union Standard Equipment Co.
Located at 825 E. 141st St. in the Port Morris section of the Bronx, the building was originally constructed in 1916 and served as a major baking facility for the Great Atlantic & Pacific Tea Co. (A&P); later it became home to food processing equipment for Union Standard. In 2016, the building was purchased in partnership by the Bluestone Group, the Altmark Group, Madison Realty Capital and Galil Management who recently finished a $45 million renovation on the building to include new mechanicals, elevators, ground floor retail space, office space, industrial space with private parking, a roof deck and a penthouse with 20-foot ceilings.
Today, the building is known as Union Crossing.
In the fourth quarter of 2019, the property welcomed its first tenant, Westhab, which currently occupies 8,233 square feet of space for its executive offices and a job training center. Westhab is a nonprofit organization that develops quality affordable housing and provides youth programs and employment services.
Approximately 260,000 square feet of space remains available for lease. The leasing brokers for the property are Ellen Israel and Greg Smith of JRT Realty Group.
Union Crossing is located two blocks from the No. 6 train and the Bruckner Expressway. Access to connective rail lines drove the early development of the Port Morris waterfront around the turn of the 20th Century and major transportation arteries continue to define the neighborhood.
Brad Domenico, partner at Progress Capital, negotiated a LIBOR floating loan to replace the construction loan and provide necessary funds to allow for tenant improvements and leasing commissions during lease up.
LibreMax Capital, a New York-based asset management firm, provided the debt.