Centennial Bank Provides $50M Redevelopment Loan for Queens Industrial Property

Cover Photo Credit: JLL Capital Markets

Triangle Equities has secured a $50 million first-lien mortgage provided by Centennial Bank for the redevelopment of its 425,000-square-foot industrial site located at 30-02 Whitestone Expressway in the College Point neighborhood of Queens. The loan replaces existing debt and funds both construction and pre-development design of what Triangle describes as a “purpose-built, best-in-class facility.” The property sits on a 9-acre lot that the developer has owned for approximately 25 years. Commercial Observer

The site’s strategic location offers immediate access to major roadways including the Grand Central Parkway and the Whitestone Bridge, as well as proximity to LaGuardia Airport and JFK International Airport, making it attractive for logistics and industrial use. Triangle’s COO, Evan Petracca, indicated that the redevelopment will support long-term economic development in the College Point area and serve the wider region for decades. Commercial Observer

The financing is being arranged by the team at JLL Capital Markets (Geoff Goldstein, Rob Hinckley and Tyler Peck) and underscores the continued interest of lenders in last-mile and urban industrial assets despite higher rates and construction complexities. For Triangle, with decades-long ownership of the site, the capital inflection point marks the next phase of activation for a site once home to retail and entertainment—now repositioned for modern logistics.