InSite gets $25.8M construction loan from Valley National for storage in Maspeth

The storage and warehouse company InSite Property Group through the entity 59-02 Borden Ave, LLC as borrower signed a new construction loan agreement with lender Valley National Bank valued at $25.8 million at 59-02 Borden Avenue in Maspeth. The deal closed on March 29, 2021 and was recorded on April 16, 2021.
Home Depot bought 59-02 Borden Avenue for $63 million in 2017, then divided the lot into parcels including lot 50, lot 70 and lot 90. Bridge Development Group bought lots 70 and 90 in September 2020 for $10 million. Home Depot conveyed to InSite development rights allowing for construction of a 136,084-square-foot building. The .748 acre site has as of right 32,607 square feet, and Home Depot conveyed an additional 103,477 of bsf. The contract date for this sale was March 24, 2020.

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