GLP Capital signs $112M initial loan with Wells Fargo for warehouses in Glendale

Singapore-based GLP Capital Partners through the entity 576-578 Otto Road LLC as borrower signed an initial loan with lender Wells Fargo valued at $112 million for two industrial properties including the industrial (E1) building at 67-25 Otto Road in Glendale, Queens and (U7) at 66-31 Otto Road in Glendale, Queens.
The deal closed on June 28, 2021 and was recorded on July 19, 2021.
The two properties have 133,000 square feet of built space and 40,814 square feet of additional air rights for a total buildable of 173,022 square feet according to PincusCo analysis of city data. The loan price per built square foot is $842 and the price per buildable square foot is $647 per the PincusCo analysis.
The signatory for GLP Capital Partners was Adam Berns. The signatory for Wells Fargo was David Bernas.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
Adam Berns is chief investment office for Singapore-based GLP.  GLP is a global logistics company.  This is the first debt GLP has taken on these parcels.

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