CT Office/Industrial Property Lands $7M Refi
- Mar 20, 2018
Washington Trust’s Commercial Real Estate Group has provided a $6.6 million loan to owners CH Commerce Drive Associates LLC and City Park Commerce Drive LLC, for the refinancing and tenant improvement of a mixed-use property in Connecticut. The office and industrial property in Trumbull, Conn., managed by Cambridge Hanover Inc., served as the North American headquarters of the Pilot Pen Corp.
Located at 60 Commerce Drive, the 14-acre parcel includes two interconnected buildings, totalling 83,193 square feet. The site is near the intersection of roads 15 and 8, in the southeastern part of town. The three-story front building comprises 15,505 square feet of office space, while the second, larger structure provides 67,688 square feet of office and industrial space. The property offers extensive landscaping features, such as two aerated ponds and outdoor patios.
“Washington Trust is very pleased to be part of CH Commerce Drive Associate’s transformation of this significant property,” said Julia Slom, senior vice president & team leader of Washington Trust’s Commercial Real Estate Group, in prepared remarks. “In an idyllic setting, our client has done significant upgrades and redevelopment of the buildings, making them ready for current tenancy.”
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