Griffin Land, one of Connecticut’s major landlords, inked a $21.6 million mortgage secured by a pair of Pennsylvania industrial warehouses.
Griffin said it received about $10 million in cash proceeds through the nonrecourse loan from First Niagara Bank.
Another $1.85 million will be advanced if and when part of the vacant space is leased in the latest warehouse set to open later this year in Griffin’s Lehigh Valley Tradeport, the company said.
Griffin recently negotiated a five-year lease with an unidentified tenant for about two-thirds of the 303,000 square feet inside the newest warehouse. The other one is fully leased, the landlord said.
One of the warehouses had a First Niagara mortgage with an approximately $8.9 million balance that was refinanced, Griffin said.
The new 10-year loan bears a 4.43 percent fixed rate with a 25-year amortization.
Among Griffin’s vast central Connecticut commercial holdings is the New England Tradeport office-industrial park spanning Windsor and East Granby.
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