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Griffin Industrial Secures Loan for Build-to-Suit
A subsidiary of Griffin Industrial Realty has closed on a construction-to-permanent mortgage loan with State Farm. It will provide up to $13.8 million toward construction of an approximately 234,000-square-foot build-to-suit industrial/warehouse building within New England Tradeport, Griffin’s master-planned industrial park in Windsor and East Granby, CT.
The loan will initially function as an interest-only construction loan, and will convert to a 15-year permanent nonrecourse mortgage loan after the building is completed and the tenant begins paying rent. The interest rate on the loan is 4.51%.
Griffin expects construction of the building to be completed in the second half of fiscal 2018, with conversion to a permanent nonrecourse mortgage loan in fiscal 2019. In fiscal 2017, Griffin entered into a long-term full building lease with an investment grade company that intends to use the build-to-suit for the distribution of automotive parts.
For comments, questions or concerns, please contact Paul Bubny
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