Developers recently secured $146 million to construct the College Point Logistics Center, a warehouse on the Whitestone Expressway set for completion in 2024.
The College Point Logistics Center will feature 81,000 rentable square footage of industrial space, 160,000 square feet of enclosed parking spanning two floors with ramp accessibility, and 68,000 square feet of surface parking and loading space. Developers hope this structure, located at 28-02 Whitestone Expressway, will stand out as northeast Queens’ premier industrial and parking facility.
Walker & Dunlop Capital Markets announced the procurement of a $94 million construction financing to facilitate the development of Wildflower Ltd.’s College Point Logistics Center. Walker & Dunlop represented Wildflower Ltd. and its joint-venture partner, Drake Real Estate Partners, to secure the floating rate construction loan.
“We are thrilled to close another deal with Walker & Dunlop’s NY Capital Markets team. This represents Wildflower’s eighth industrial project in Queens, and we are excited to watch College Point flourish in the years to come,” said Matthew Dicker, partner and chief financial officer of Wildflower.
Wildflower designed the ground-floor warehouse and parking structure in one of the densest industrial and parking markets, meeting the needs of logistics tenants.
“The industrial and logistics market is in desperate need of a modern warehouse and distribution facility, especially in such a prominent location along the Whitestone Expressway that provides immediate access to all major NYC highways,” said Adam Gordon, managing partner of Wildflower.
The logistics center is located near the Whitestone Expressway, allowing access to LaGuardia International Airport, John F. Kennedy International Airport and Atlantic Railways.