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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.”

The built-to-suit is being done for TireRack, Inc. which will move into the 304,200 square feet when it is completed in late summer. The building is part of a 58-acre site in the New England Tradeport, with 148,800 square feet set aside for expansion, although it has not been ear-marked for any construction yet. The New England Tradeport is a 19-building park, which covers 600 acres near Interstate 91. The industrial business park is managed by Griffin Land. There is an additional 185 acres of land available for development.

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