Lake Forest Bank Refis Queens IOS Site With $39M Loan

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

Lake Forest Bank & 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.

The 58-80 Borden site is adjacent to the Long Island Expressway and includes 26,619 square feet of building space, according to JLL, 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 at the time.

JLL arranged the debt with a capital markets team led by Jillian Mariutti and Alex Staikos.

“Industrial 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’s operations,” Staikos said in a statement.

Zach McHugh, principal at Sitex Group, said in a statement that 58-80 Borden Avenue is a “good example of the kind of industrial real estate we continue to target in high barrier to entry markets like New York City.”

The New York City outer borough industrial market spans nearly 138 million square feet, with a 6.3 percent vacancy rate, according to JLL’s second-quarter 2026 Northeast Industrial Region Outlook Report. Class A industrial rents in New York City’s outer boroughs averaged $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.

Lake Forest Bank & Trust Company did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.

Source: commercialobserver.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.