Innovo Property Group And Square Mile Capital Management’s $305 Million Construction Financing

McDermott Will & Emery represented Innovo Property Group (IPG) in the transaction.

Innovo Property Group (IPG), a real estate investment and operating platform, obtained with Square Mile Capital Management LLC a construction financing totaling $305 million. This transaction was completed on April 1, 2020.

The financing is for the development of a one million square foot two-story Class A logistics and distribution facility located at 2505 Bruckner Boulevard, Bronx, NY.

Innovo Property Group (“IPG”) is a New York City based real estate investment and operating company. IPG acquires, develops, and manages high quality retail, residential, commercial and industrial assets throughout the New York metropolitan area.

Square Mile is a leading investment manager with an established history of successful investing in commercial real estate at all points in the market cycle on behalf of select institutional and private investors.

Cushman & Wakefield acted as financial advisor to IPG in the transaction. Construction financing was provided by Bank OZK. Mezzanine financing was provided by EverWest Real Estate Investors.

The McDermott team advising IPG was led by Pej Razavilar (Picture) and included Dan Martin, Robert Mower, Jay Kreismann, Tim Swearingen, Cody Ruegger and Jessica Bragg.

Involved fees earner: Jessica Bragg – McDermott Will & Emery; Jay Kreismann – McDermott Will & Emery; Daniel Martin – McDermott Will & Emery; Robert Mower – McDermott Will & Emery; Pejman Razavilar – McDermott Will & Emery; Cody Ruegger – McDermott Will & Emery; Timothy Swearingen – McDermott Will & Emery;

Law Firms: McDermott Will & Emery;

Clients: Innovo Property Group;

Author: Ambrogio Visconti