Dune, Turnbridge sign $379.1M refi with Strategic Value Partners for logistics in Mott Haven

Dune Real Estate Partners and Turnbridge Equities through the entity 980 BLC Owner LLC as borrower signed a refi loan with lender Strategic Value Partners through the entity Re Globe Lender I L.P. valued at $379.1 million for the Bronx Logistics Center industrial building (E9) at 980 East 149th Street in Mott Haven, Bronx, and two adjacent tax lots.
The deal closed on May 8, 2026 and was recorded on May 19, 2026. The prior lender was KKR which held debt that had an original loan amount of $381.2 million. The three properties have 986,360 square feet of built space and 250,096 square feet of additional air rights for a total buildable of 1,236,006 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $384 and the price per buildable square foot is $306 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 Dune Real Estate Partners and Turnbridge Equities was Ryan Nelson . The signatory for Strategic Value Partners was Lewis Schwartz .

Prior sales, articles and revenue

Out of the three properties, one with a total of 986,360 square feet of built space generated revenue of $21.6 million per year.

The property

The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing. Strategic Value Partners on May 8, 2026 bought a loan with an original principal of $381.2M from KKR signed by Patrick Mattson , secured by 980 East 149th Street when owned by Dune Real Estate Partners and Turnbridge Equities.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

On these lots, there was a new building construction project, X00513466, for a 879,203 square-foot storage, warehouse (S-1) building. The project was submitted by Turnbridge Equities and filed by Kevin Tiseo with plans filed May 3, 2021 and permitted May 5, 2022.

The neighborhood

In Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has near average sales volume among other neighborhoods with $355.2 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 2.4 times the average amount of major developments relative to other neighborhoods and is the highest in Bronx. It had 3.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On the tax block of N/A Bruckner Boulevard, PincusCo has identified the owners of 13 of the 27 commercial properties representing 449,961 square feet of the 1,053,311 square feet. The largest owner is Maddd Equities, followed by Sprague and then Ben Hur Moving & Storage.
On the tax block, there were two new building construction projects totaling 918,045 square feet. The largest is a 879,203 square-foot storage (S-1) building submitted by Turnbridge Equities and filed by Kevin Tiseo with plans filed May 3, 2021 and permitted May 5, 2022. The second largest is a 38,842 square-foot institutional (I) building submitted by Joshua Sager with plans filed November 2, 2022 and it has not been permitted yet.

The majority, or 73 percent of the 1.1 million square feet of built space are industrial buildings, with office buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Turnbridge Equities owned at least 24 commercial properties in New York City and a PincusCo-determined asset value of $418.2 million. The portfolio has $532.7 million in debt, with top three lenders as KKR & Co., Acore Capital, and Starwood Capital Group respectively. Within the portfolio, the bulk, or 80 percent of the 270,382 square feet of built space are industrial properties, with P9 properties next occupying 17 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Bronx next at 9 percent of the space.
The PincusCo database currently indicates that Dune Real Estate Partners owned at least 24 commercial properties in New York City and a PincusCo-determined asset value of $418.2 million. The portfolio has $65 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 80 percent of the 270,382 square feet of built space are industrial properties, with P9 properties next occupying 17 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Bronx next at 9 percent of the space.

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