Sitex Group Secures $39.4 Million Refinancing for Queens Industrial Outdoor Storage Facility

Sitex Group recently secured a $39.4 million refinancing loan for its industrial outdoor storage (IOS) property at 58-80 Borden Avenue in Maspeth, Queens. Lake Forest Bank & Trust Company provided the financing for the 146,583-square-foot asset. JLL's capital markets team, including Jillian Mariutti and Alex Staikos, negotiated the debt.

Sitex Group originally acquired the property from the Steinberg family for $50 million in late 2021. The site, adjacent to the Long Island Expressway, features 26,619 square feet of building space. In February 2023, the New York City Fire Department signed a 20-year lease for a new garage and repair facility at the location, highlighting the property's critical utility.

According to JLL's second-quarter 2026 Northeast Industrial Region Outlook Report, the New York City outer borough industrial market encompasses nearly 138 million square feet with a 6.3 percent vacancy rate. This refinancing underscores continued lender interest in well-located, tenant-critical industrial assets within high-barrier-to-entry markets like New York City, offering stable investment opportunities for developers and lenders.