Innovo borrows $93M first mortgage from Starwood for LIC development

Innovo Property Group, Nan Fung Group and Atalaya Capital Management through the entity 23-30 Borden Owner LLC as borrower signed a loan agreement with lender Starwood Property Trust through the entity Starwood Property Mortgage Sub-10-A, L.L.C. valued at $93 million for 1 parcel, including the tax class fireproof warehouse (E1) at 23-30 Borden Avenue in Long Island City. The deal closed on March 1, 2021 and was recorded on March 12, 2021.

This is a $93 million land and new construction loan, which is part of a total loan package of $155 million, the Commercial Observer reported. Of the $93 million first mortgage, $62.6 million is a land loan, $20.3 million is a building loan and $10.1 million in a project loan. The last time the property sold was January 24, 2019 for $75,000,000.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.

There has been one new building permit application

There have been 2 demolition projects filed over the past five years.

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