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305 Sub Way
FINANCED

RIPCO Secures $19.4M Construction Loan For Industrial Asset In Milford, CT

305 Sub Way

Industrial
clock iconFinanced 64 days ago
Steven Sperandio
Jake Weiss
Michael Fasano
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Summary

Loan
CONNECTICUT
Industrial

An industrial asset located at 305 Sub Way in Milford, CT, was the subject of a recent transaction involving a $19,400,000 construction loan sourced by Ion Bank. The property, pre-leased to Wüsthof Knives and Accessories, is set to undergo construction over a 2-year term, followed by a 20-year permanent term.

Summary of transaction details:

Ripco’s D&SF team played a pivotal role in securing the $19,400,000 loan for the construction of this industrial asset. The property is strategically positioned along Connecticut’s golden coast and will benefit from a fixed interest rate, facilitated by a forward starting interest rate swap at closing.

Players

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Steven Sperandio's profile picture
Steven Sperandio
Ripco-image
Executive Managing Director, Debt & Structured Finance
$1.3M Sold
Michael Fasano's profile picture

Details

Deal Summary
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FINANCED
IMAGE: Steven Sperandio, Michael Fasano & Jake Weiss DATE: 04/22/2024 ADDRESS: 305 Sub Way MARKET: Milford, CT ASSET TYPE: Industrial LENDER: Ion Bank (@Ion_Bank) LANDLORD: RD Scinto BROKERS: Steven Sperandio (@RipcoCapitalAdvisory), Michael Fasano & Jake Weiss (Jakeweiss6) - Ripco (@RipcoRealEstate) LOAN AMOUNT: $19,400,000 LOAN TYPE: Construction NOTE FROM BROKER: RIPCO’s D&SF team sourced a $19,400,000 loan for the construction of an industrial asset that is pre-leased to Wüsthof Knives and Accessories. Located along Connecticut’s golden coast, this asset will be constructed over a 2-year term that will be followed by a 20-year permanent term with an interest rate that was fixed at closing via a forward starting interest rate swap.

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