Bloomfield’s Griffin Industrial Realty Inc. has plucked $18 million in equity from a portion of its New England Tradeport property, money being used for operations and to finish tradeport tenant improvements.
One of Connecticut’s leading commercial landlords said Thursday the 15-year, nonrecourse refinancing at 4.33 percent interest is with 40|86 Mortgage Capital Inc., of Carmel, Ind. The refi replaced a previous $17.9 million mortgage bearing a 5.73 percent interest rate.
Griffin said it collected $14.9 million at the loan closing, with $3.1 million parked in escrow.
Griffin said it can draw $2.5 million from escrow once an unidentified tradeport tenant leasing about 88,000 square feet month-to-month executes a long-term lease.
The last $600,000 will be available, it said, once the landlord finishes improvements to one of the tradeport’s buildings, with about 138,000 square feet, that is among the trio collateralizing the mortgage. The tradeport complex straddles East Granby and Windsor.
Griffin said it expects to collect all the escrowed funds before this year ends.
