Cornerstone Capital Of NY Secures $3.2M Refinance Loan For Cannabis Distribution Warehouse In Weatogue, CT

Located in Weatogue, CT, the industrial property at 34 Hopmeadow Street has recently undergone a closed transaction. With a size of 76,192 square feet, this property served as a cannabis operating warehouse dedicated to distribution. The loan for this transaction was secured by Meadow Savings Bank and the landlord of the property is Marty Williamson.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $3,200,000
• Loan Type: Refinance
• Loan Terms: 5 Year Fixed, 5.20% Rate, 65 LTV, 25 Year Amortization
• Borrower: Not mentioned
• Lender: Meadow Savings Bank
• Landlord: Marty Williamson
• Brokers: Russell Nova, Anu Nagpal, and Igor Zakh from Cornerstone Capital of NY

Russell Nova, Anu Nagpal, and Igor Zakh from Cornerstone Capital of NY played a key role in securing the financing for this transaction. Anu Nagpal, serving as the Senior Lending Advisor, took the lead in interacting with the lender and client. Thanks to their strategic relationship with the lender, they were able to underwrite the loan and convince the bank to proceed with the transaction. The loan terms included a 5-year fixed rate with an interest rate of 5.20%. The loan-to-value ratio (LTV) was set at 65% and the amortization period was 25 years.

Note from Cornerstone Capital of NY: In light of the current uncertain and increasing rate environments, building and maintaining relationships with lenders is crucial. Cornerstone Capital of NY was able to provide a fixed-rate loan with no re-trade at closing. If you have any commercial property financing needs, you can reach out to Cornerstone Capital of NY and one of their senior lending advisors.