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Webster Bank, Griffin Extends Credit Line to $15MM

July 26, 2016, 07:07 AM
Filed Under: Real Estate

Griffin Industrial Realty, Inc. has entered into an amendment to its revolving credit line with Webster Bank, N.A. that extends the Webster Credit Line for two years through July 31, 2018. The Amendment increases the amount of the Webster credit line from $12.5 million to $15 million and enables Griffin to further extend the Webster credit line for an additional year through July 31, 2019. The amendment provides that the interest rate on the Webster credit line will remain at the one month LIBOR rate plus 2.75% and that the collateral for the Webster Credit Line, Griffin’s properties in Griffin Center South aggregating approximately 235,000 square feet and an approximately 48,000 square foot single story office building in Griffin Center, will also remain the same.

Griffin has not had any borrowings under the Webster  credit line since its inception in fiscal 2013. Griffin expects to use any potential future borrowings under the Webster Credit Line for investment in real estate assets and general corporate purposes.

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