Real Estate Journal —October 13 - 26, 2017 — 3A
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M id A tlantic
M id A tlantic R eal E state J ournal Refinanced nonrecourse mortgage loan for $4.4 million Griffin Industrial Realty closes on $5.9 million mortgage loan
Recently Closed Loans
W
indsor, CT — Griffin Industrial Realty, Inc. (Grif-
fin) announced that two of its subsidiaries closed on the refinancing of a nonrecourse mortgage loan (the Existing Loan) with Webster Bank (Webster) that was collater- alized by 5 and 7 Waterside Crossing, two multi-story office buildings aggregating 161,000 s/f in Griffin Center in Wind- sor, CT. Immediately prior to the refinancing, the Existing Loan had a balance of $5.9 million. The refinanced nonrecourse mortgage loan (the “NewLoan”) is for $4.4 million, has a five year term with principal pay- ments based on a twenty-five year amortization schedule and is also collateralized by 5 and 7 Waterside Crossing. The New Loan has a variable interest rate based on the one-month LIBOR rate plus 2.75%, but Griffin entered into an inter- est rate swap agreement with Webster that effectively fixes the interest rate on the New Loan at 4.72% over the term of the New Loan. The Existing Loan had a variable interest rate that was effectively fixed at 3.86% through an interest rate swap agreement with Webster. Grif- Unity Bank’s $1.5 million SBA loan to fund reno. at One Centre Square EASTON, PA — Unity Bank has provided a $1.5 mil- lion Small Business Adminis- tration (SBA) loan to Palmer Twp. residents William “Billy” Cornish and Gregory Melhem to fund the recent renovation of their Easton nightclub and restaurant previously known as Drinky’s. The business was recently reopened as One Centre Square. “We had a good run with Drinky’s, but felt the Lehigh Valley needed a venue to at- tract artists and performers of all types from rap to rock to country,” said Cornish. “One Centre Square, with a capac- ity of 900 people, really helps fill a void.” “We have been customers at Unity Bank for many years and appreciate them working with us to help bring the vision for One Centre Square to life,” said Cornish. “Unity really made the process as easy as it could possibly be.” n
$7,250,000 $4,800,000
$7,600,000
Retail Center Refinance
Office Portfolio Refinance 204-Unit Multifamily Refinance
Philadelphia, PA Pottsville, PA Macon, GA 75% LTV, 10/30, 4.90%, Non-Recourse 65% LTV, 10/20, 3.75%Fixed 75% LTV, 10/30, 4.53%, Non-Recourse
Real Property Capital is a Philadelphia based full service commercial mortgage banking firm with a regional focus and national capabilities. Our business model emphasizes client satisfaction through a high-touch, analytical approach that distinguishes us from the competition. Learn more about our distinct approach and proven track record of success at www.realpropertycapital.com . FOR MORE INFORMATION: R. Brenner Green, President 303 Harry Street • Conshohocken, PA 19428 • 610-456-9644 • bgreen@realpropertycapital.com
5 and 7 Waterside Crossing
fin used cash on hand of $1.0 million and $0.5 million that had been held in escrow by
Webster to repay a portion of the Existing Loan in connection with the refinancing. n
Mid Atlantic Real Estate Journal ExecutiveWomen in Real Estate and Allied Fields Oct. 27, 2017 • Deadline: Oct. 13, 2017 Wednesday 18th
ExecutiveWomen are effecting change and taking leadership roles. Be a part of this very special issue by telling us about your background and success stories! Contact LindaChristman 781-740-2900 lchristman@marejournal.com
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