Windsor, CT CBRE Capital Markets’ Debt & Structured Finance group arranged $13.8 million construction to permanent financing for a 234,000 s/f to-be-built industrial building. The future class A warehouse/distribution facility will be 100% leased to an investment grade tenant, a world-renowned company and a household name.
The fixed rate loan carries a 15-year term at a market spread over treasury, and an LTV of 65%. State Farm Life Insurance Company provided the financing.
Mike Riccio, Susan Larkin, and Anna Pfau of CBRE’s Hartford office arranged the financing on behalf of the borrower, a single-asset entity controlled by Griffin Industrial Realty, based in New York.
Riccio said, “In keeping with their tradition, Griffin Industrial Realty will build a state-of-the-art distribution facility in a great location for a world-class tenant. We are pleased to be able to bring them together with State Farm, another word-class company that provided an attractive and flexible construction/permanent loan.”
The building will be located in the New England Tradeport Industrial Park, a 600-acre master planned business community located off Rte. 20 developed by the sponsor. Notable tenants in the park include Tire Rack, Nidec, Domino’s, Eaton Corp., FedEx, Pepsi, Novitex, UPS, Velux, J.B. Hunt, Dollar Tree, Bridgestone, Walgreens and Westinghouse.