CBRE GROUP SECURES $2.4M FIRST REFINANCING FOR DISTRIBUTION CENTER
PHILADELPHIA — CBRE Group Inc.’s Capital Markets Debt & Structured Finance team has arranged $2.4 million first mortgage refinancing secured by 449 East Tioga Street in Philadelphia. Constructed in the 1960s, the manufacturing and distribution center features 294,148 square feet of industrial warehouse space, 22-foot clear heights and 34-by-34-foot column spacing. Case Paper has used the property as a distribution center since 1999 and has a current lease expiration date of 2019. James Gunning, Donna Falzarano and Evan Kleppe of CBRE arranged the refinancing with a CMBS lender for the borrower, B&W Associates, for a five-year term.