- What Brasswater is looking for acquisition debt for 1.5m sf warehouse complex in East Syracuse
- Why Purchase from unidentified buyer, loan would include future funding
- What next Walker & Dunlop is reaching out to lenders
A Montréal-based investment shop is looking for around $115 million of financing to back its purchase and planned upgrade of an industrial property in Upstate New York.
The firm, Brasswater, is in talks to buy a nearly 1.5 million-sf warehouse complex in East Syracuse. It has begun reaching out to lenders, via Walker & Dunlop, about a floating-rate debt package to finance the transaction.
Brasswater has struck an agreement to buy the property, at 6600 New Venture Gear Drive, for a price in the neighborhood of $125 million. A chunk of the loan would be funded in conjunction with the purchase, but some amount likely would be structured as a future-funding piece to cover expenditures linked to planned modifications or an expansion of the existing buildings.
The warehouse complex last changed hands in 2023, when Index Investment Group sold it to an unidentified buyer for $127 million, or $106/sf. Brasswater presumably would purchase the property from that entity.
The 109-acre property comprises multiple interconnected buildings alongside Interstate 90, 8km northeast of Syracuse. It’s more than 90% occupied.
Leasing materials highlight 30 loading docks, a 40-megawatt power system, ceiling heights of 16 feet to more than 22 feet and direct access to a rail line along the edge of the property.
Brasswater is headed by Ian Quint, who founded the shop a decade ago. The company invests in industrial, office and retail properties mainly in and around Montréal, but also in other parts of Canada and the Eastern U.S.
