Actionable news
0
All posts from Actionable news
Actionable news in GRIF: Griffin Land & Nurseries, Inc.,

Griffin Announces Closing on Mortgage Loan and Short-Term Extension of Credit Line

NEW YORK, Apr 27, 2016 (GLOBE NEWSWIRE via COMTEX) --

Griffin Industrial Realty, Inc. GRIF, +2.12% ("Griffin") announced that it closed on a $14.35 million nonrecourse mortgage loan (the "Mortgage Loan") with People's United Bank ("People's United"). The Mortgage Loan is collateralized by five industrial/warehouse buildings aggregating approximately 338,000 square feet in New England Tradeport ("NE Tradeport"), Griffin's industrial park in Windsor and East Granby, Connecticut. Four of the five NE Tradeport buildings, aggregating approximately 240,000 square feet, collateralized an existing nonrecourse mortgage loan with People's United with a balance of approximately $7.4 million that was refinanced into the Mortgage Loan. The refinanced mortgage loan was scheduled to mature on August 1, 2019 and, with a related interest rate swap agreement, had an effective interest rate of 6.58%. At the closing of the Mortgage Loan, Griffin received cash proceeds (before financing costs) of approximately $6.9 million. The Mortgage Loan has a floating interest rate of the one month LIBOR rate plus 2.0%, but Griffin entered into an interest rate...


More