{"id":373123,"date":"2026-10-14T18:16:52","date_gmt":"2026-10-14T18:16:52","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/373123\/"},"modified":"2026-10-14T18:16:52","modified_gmt":"2026-10-14T18:16:52","slug":"lake-forest-bank-refis-queens-ios-site-with-39m-loan-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/373123\/","title":{"rendered":"Lake Forest Bank Refis Queens IOS Site With $39M Loan \u2013 Commercial Observer"},"content":{"rendered":"

Sitex Group<\/a> has secured a $39.4 million loan to refinance a Queens industrial outdoor storage (IOS) asset, Commercial Observer has learned.<\/p>\n

Lake Forest Bank<\/a> & Trust Company supplied the loan for the 146,583 square-foot IOS property at 58-80 Borden Avenue in Maspeth. Sitex acquired the property from the Steinberg family for $50 million in late 2021, Traded previously reported<\/a>.<\/p>\n

SEE ALSO: AXA Equitable Provides $103M Recapitalization for Midtown\u2019s Ellington Building<\/a><\/p>\n

The 58-80 Borden site is adjacent to the Long Island Expressway and includes 26,619 square feet of building space, according to JLL<\/a>, which negotiated the debt. The New York City Fire Department signed a 20-year lease for a new garage and repair facility at the property in February 2023, CO reported<\/a> at the time.\u00a0<\/p>\n

JLL arranged the debt with a capital markets team led by Jillian Mariutti and Alex Staikos.<\/p>\n

\u201cIndustrial financing has become increasingly asset-specific, with lenders focused on location, tenant credit, lease duration and how critical the real estate is to the tenant\u2019s operations,\u201d Staikos said in a statement.\u00a0<\/p>\n

Zach McHugh, principal at Sitex Group, said in a statement that 58-80 Borden Avenue is a \u201cgood example of the kind of industrial real estate we continue to target in high barrier to entry markets like New York City.\u201d<\/p>\n

The New York City outer borough industrial market spans nearly 138 million square feet, with a 6.3 percent vacancy rate, according to JLL\u2019s second-quarter 2026 Northeast Industrial Region Outlook Report<\/a>. Class A industrial rents in New York City\u2019s outer boroughs averaged\u00a0 $35.23 per square foot with only 802,409 square feet of industrial space under construction at the end of the second quarter, the JLL research shows.\u00a0<\/p>\n

Lake Forest Bank & Trust Company did not immediately return a request for comment.<\/p>\n

Andrew Coen can be reached at acoen@commercialobserver.com<\/a>.\u00a0<\/p>\n

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