The loan, which takes out an earlier construction loan, was arranged for the owner/user by the Edison, NJ office of Holliday Fenoglio Fowler, which also arranged the construction loan. The latest financing was placed with CIBC Worldwide, which provided "a desirable interest rate," according to HFF senior director Jon Mikula.
"We were able to help Markel take advantage of this favorable financing climate to secure the right terms for their particular needs," adds Mikula, who arranged the package. "In this case, we served stockholders of a publicly traded company."
Markel markets and underwrites specialty insurance products and programs to a variety of niche markets. Further details of the latest financing were not disclosed.
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