Light Industrial & Distribution

We financed the construction or renovation of over two million square feet of light industrial and distribution space in Brooklyn and the Bronx.

New York City’s light industrial and distribution sector is an important part of the city’s overall economic landscape. It’s a crucial driver of good jobs that keep the city running – from moving goods to making things. The sector is essential to our daily lives and critical to an inclusive economy, providing opportunities for many New Yorkers without a college degree.

Our work includes $140 million of financing for the construction of Fresh Direct’s 750,000 square foot processing, warehousing, and distribution center in the South Bronx. Fresh Direct is one of the nation’s leading online, direct-to-consumer food and grocery providers. The state-of-the-art facility is one of the largest in New York City and allowed Fresh Direct to consolidate operations into one facility. The complex includes nine miles of conveying and sorting systems as well as space for food processing, warehousing, and distribution as well as corporate offices for Fresh Direct.

We also provided financing for the construction and renovation of light industrial space at the Brooklyn Navy Yard, one of the most successful urban manufacturing districts in the nation. A $72 million loan was used for the renovation of Building 77, the largest building in the Navy Yard at approximately one million square feet. A $60 million loan funded the redevelopment of Building 128, a vacant 215,000 square foot building transformed into a high-tech manufacturing complex. Another loan for $55 million assisted the build-out of 126,000 square feet of light industrial space in the Admirals Row section of the Navy Yard.  These loans were critical to the redevelopment of the industrial park that is home to approximately 550 businesses employing more than 11,000 people.