2M-SF Portfolio Secures $56M in Financing

NEWTON, MA-First mortgage financing in the amount of $56 million was secured for a portfolio of warehouse/distribution properties. The portfolio consists of five properties totaling two million sf. Richard B. Ashworth and June K. Fish of locally based Ashworth Mortgage Corp. placed the loan which is for a 10-year term with a 27-year amortization schedule. The lender is a CMBS division of a major national bank, and the borrower is an entity controlled by Equity Industrial Partners Corp. Equity manages all the properties, which are owned by affiliate entities of Equity.

“This was a very complicated transaction involving cross-collateralization, collateral substitution rights and the ability to “condominiumize” one or all the sites for expansion purposes,” says Ashworth. “The process was completed start to finish in under 60 days.”

The first of the properties is located at 85 Moosup Pond Rd. in Plainfield, CT. The 531,000-sf industrial facility was built in 1972 on a nearly 81-acre site. The property has 12 interior dock doors with levelers, 25 exterior docks with seals and levelers, five ground level garage style roll up doors and is accessed by a rail spur which is accessible by seven doors. The ceiling heights are 20 ft. Staples occupies 100% of the space.