Griffin Land & Nurseries said it has refinanced two mortgage loans collateralized by three of its buildings in Windsor, resulting in a payout to the company of at least $4.5 million.
The nonrecourse mortgages with Farm Bureau Life Insurance Co. had a total balance of approximately $10 million, with $3.4 million due in 2016 and $5.6 million due in 2017, Griffin said.
The refinanced balances total $14.5 million. The loans have been extended for 15 years and carry lower interest rates.
Griffin said a 165,000-square-foot flex building, a 100,000-square-foot industrial building and a 57,000-square-foot industrial building, all in Windsor, are collateral on the loans.
Griffin said it will receive another $1 million if it leases the smaller building by Aug. 2015.
