CBRE SECURES $12 MILLION FOR INDUSTRIAL CONSTRUCTION PROJECT

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HARTFORD, CONN. — The Hartford office of CB Richard Ellis (CBRE) has secured $12 million in permanent construction financing for a new industrial project in Hartford. Known as 100 International Drive, the project will consist of a 304,200-square-foot, build-to-suit facility for TireRack Inc. with the ability to expand by an additional 148,800 square feet. It will be situated on a 58-acre site within the New England Tradeport, a 600-acre business park located between the townships of Windsor and East Granby. Mike Riccio of CBRE’s Capital Markets Debt & Equity Finance division originated the non-recourse loan, which includes an initial 12-month term with a rate based on LIBOR, followed by a fixed rate. The lender was Berkshire Bank and the borrower was Griffin Land.

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