Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.