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Industrial Construction Lands $12M Financing

WINDSOR, CT-Griffin Land's 100 International Dr. is picking up a 12-month, LIBOR based construction loan for the build-to-suit for Tire Rack, Inc.

By Ryan Clark | Updated on March 06, 2009

WINDSOR, CT-Griffin Land is securing $12 million of permanent construction financing for its industrial built-to-suit 100 International Dr. The loan was secured by CBRE Capital markets Debt & Equity Finance division and is a 12-month, LIBOR-based constructioni loan followed by a fixed-rate non-recourse, permanent loan. The financing was provided by Berkshire Bank.

“Working closely with the lender, Berkshire Bank, we were able to structure a deal that fit the particular needs of Friffin Land,” says Mick Riccio, SVP of CBRE in a statement. “In addition, due to specific timing requirements of the tenant’s move-in date, the loan had to be closed quickly, and Berkshire Bank did a great job through the process.”

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