Triangle Equities ups debt to $85M for storage in South Ozone Park

Triangle Equities through the entity South Conduit Warehouse Owner, LLC as borrower signed a refi loan with lender LoanCore Capital through the entity Loancore Capital Credit REIT LLC valued at $85 million for the property at 130-02 South Conduit Avenue in South Ozone Park, Queens. The financing represents an increase of $25 million through a gap loan over the prior debt of $60 million provided in 2023.
The deal closed on July 11, 2024 and was recorded on July 25, 2024. The prior lender was H.I.G. Capital which held debt that had an original loan amount of $60 million. The property has 164,295 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $517 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 owner bought the property on March 15, 2023, for $124 million. The signatory for Triangle Equities was Joshua Weingarten. The signatory for LoanCore Capital was Chad Jones.

The block

On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 296,210 square feet of the 387,910 square feet. The identified owner is Triangle Equities.
On the tax block, there was one new building construction project filed totaling 223,882 square feet. It is a 223,882 square-foot storage (S-1) building submitted by Triangle Equities and filed by Josh Weingarten with plans filed December 3, 2018 and permitted August 25, 2020.

The majority, or 76 percent of the 387,910 square feet of built space are industrial buildings, with specialty buildings next occupying 24 percent of the space.

The borrower

The PincusCo database currently indicates that Triangle Equities owned at least seven commercial properties in New York City with 709,193 square feet and a city-determined market value of $121.6 million. (Market value is typically about 50% of actual value.) The portfolio has $260.2 million in debt, with top three lenders as CIT Bank, H.I.G. Capital, and Centennial Bank respectively. Within the portfolio, the bulk, or 42 percent of the 709,193 square feet of built space are industrial properties, with specialty properties next occupying 34 percent of the space. The bulk, or 89 percent of the built space, is in Queens, with Bronx next at 11 percent of the space.

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