California-based Io Logistics signs $37M refi for industrial in LIC

The California-based Io Logistics through the entity 27-35 Jackson Avenue LLC as borrower signed a refi loan with lender CTBC Bank valued at $37 million for two industrial parcels including the industrial (F9) at 42-63 Hunter Street in Long Island City, Queens and industrial (U7) at 27-35 Jackson Avenue in Long Island City, Queens.
The deal closed on September 21, 2021 and was recorded on October 6, 2021.
The two properties have 86,000 square feet of built space and 120,974 square feet of additional air rights for a total buildable of 206,980 square feet according to PincusCo analysis of city data. The loan price per built square foot is $430 and the price per buildable square foot is $178 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Io Logistics was Jose Martinez, Jr.. The signatory for CTBC Bank was Mingdao Li.

The property is owned by an affiliate of Phyllis Shih’s California-based Io Logistics and its related company Fulsource Logistics. Phyllis Shih also uses the name Hsing-Chief Shih.

Within a 400-foot radius of 27-35 Jackson Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was in new building development. It was a new building permit application filed on December 3, 2020 for a 22,305-square-foot R-2 building with 27 residential units at 42-62 Hunter Street.
Of those eight items, five were sales above $5 million totaling $90.3 million. The most recent of the five was iCross Capital which bought the 20,800-square-foot development site (V1) on 27-55 Jackson Avenue for $12.5 million from Nissin Seliktar on September 10, 2020.
Of those eight items, two were loans above $5 million totaling $11.8 million. The most recent of the two was iCross Capital which borrowed $6.0 million from Nzdckns LLC secured by the 20,800-square-foot development site (V1) on 27-55 Jackson Avenue and one other property on September 10, 2020.

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