Starwood Property Trust Provides $155M Loan For Development Site In Long Island City, Queens

Starwood Property Trust has provided a loan of $155,000,000 to Innovo for a development site located at 23-30 Borden Avenue in Long Island City, Queens. The asset type is a development site with a buildable square footage (BSF) of 842,000. The deal was brokered by Gary Phillips, Philip McKnight, and Steven Binswanger from Eastdil Secured.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $155,000,000
• Address: 23-30 Borden Avenue
• Market: Long Island City, Queens
• BSF: 842,000
• Lender: Starwood Property Trust
• Landlord: Innovo
• Brokers: Gary Phillips, Philip McKnight, and Steven Binswanger - Eastdil Secured

The individuals and companies involved in this loan deal include Starwood Property Trust as the lender and Innovo as the landlord. Brokers Gary Phillips, Philip McKnight, and Steven Binswanger from Eastdil Secured facilitated the transaction. This financing agreement demonstrates the ongoing activity and investment interest in the Long Island City, Queens market.