Innovo lands $155M construction loan for LIC warehouse

Innovo Property Group’s massive warehouse development in Long Island City has secured a big chunk of construction financing. Innovo scored a $155 million construction loan for a new building at 23-30 Borden Avenue, which was previously home to a FreshDirect warehouse. The firm plans to build an 842,000-square-foot, five-story industrial structure on a 4.7-acre lot. The loan was provided by an affiliate of Starwood Property Trust, according to Innovo. The new building will serve as