Berkadia Secures $45M Loan for CT Portfolio

The firm worked on behalf of Delaware Commerce to arrange the permanent refinancing of a collection of 17 industrial and warehouse buildings in Danbury.
34 Executive Drive

Berkadia has secured $45 million in financing for the Powers Industrial Portfolio, a 17-building mix of industrial and warehouse buildings in Danbury, Conn. Berkadia secured the permanent refinancing through Citigroup on behalf of Delaware Commerce Park LLC.

Yuri Kletsman of Berkadia’s New York office led the financing, which consisted of a 10-year loan featuring a 6.4 percent fixed interest rate blended between a senior and mezzanine loan structure. The loan also featured an 80 percent loan-to-value ratio.

Last month, The Hampshire Cos. sold a 117,992-square-foot, four-building industrial portfolio in Connecticut to a private buyer. The portfolio comprised two buildings totaling 45,500 square feet at 55 Old Ridgebury Road in Danbury, Conn., as well as a 22,138-square-foot asset at 81 Fuller Way and a 50,354-square-foot facility at 83 White Oak Drive, both in Berlin. Conn.

Image courtesy of Berkadia