Attached files
| file | filename |
|---|---|
| EX-10.3 - EX-10.3 - INDUS REALTY TRUST, INC. | grif-20200706ex103194d89.htm |
| EX-10.2 - EX-10.2 - INDUS REALTY TRUST, INC. | grif-20200706ex10206a3dc.htm |
| EX-10.1 - EX-10.1 - INDUS REALTY TRUST, INC. | grif-20200706ex101419f33.htm |
| 8-K - 8-K - INDUS REALTY TRUST, INC. | grif-20200706x8k.htm |
NEWS FROM: | | | Exhibit 99.1 |
| | | |
GRIFFIN INDUSTRIAL REALTY, INC. | | CONTACT: | |
| | Anthony Galici | |
| | Chief Financial Officer | |
| | (860) 286-1307 | |
GRIFFIN ANNOUNCES CLOSING ON MORTGAGE LOAN
NEW YORK, NEW YORK (July 6, 2020) Griffin Industrial Realty, Inc. (NASDAQ: GRIF) (“Griffin”) announced that Riverbend Orlando Holdings III, LLC (the “Borrower”), a wholly owned subsidiary of Griffin, entered into a $5.1 million nonrecourse mortgage loan (the “Mortgage Loan”) on the approximately 108,000 square foot fully-leased industrial/warehouse building in Orlando, Florida that the Borrower acquired in February 2020 (such acquired property, the “Property”). The Mortgage Loan, evidenced by a Promissory Note issued by the Borrower to Webster Bank, National Association (“Webster Bank”), has a ten-year term with principal payments based on a twenty-five-year amortization schedule and a variable interest rate based on the one-month LIBOR rate plus 2.56%. Upon closing the Mortgage Loan, the Borrower entered into an interest rate swap agreement with Webster Bank that effectively fixes the interest rate on the Mortgage Loan at 3.50% for the entire loan term. $4.1 million of the proceeds from the Mortgage Loan were used to repay Webster Bank for the borrowing under Griffin’s line of credit for acquisitions that was used to finance a portion of the Property’s purchase price.