Metropolitan Realty Associates LLC (MRA), led by CEO and founder Joseph Farkas, has refinanced a 315,000-square-foot, single story, last-mile distribution facility at 456 Sullivan Ave., S. Windsor, CT. Webster Bank closed the loan for $33,200,000.
The loan paid off the existing mortgage held by Bank of America from the time of acquisition. MRA originally acquired the industrial facility in February 2021. At the time, the facility was 100% occupied by a single credit tenant.
“The sustained popularity of e-commerce and the need for efficient last-mile distribution continue to drive demand for well-located logistics assets,” said Farkas. “The financial success of the facility validates our investment strategy in high-quality, cash-flowing assets with credit tenants in prime logistics corridors which further enhances the stability and long-term value of 456 Sullivan Ave.”
The New York Debt and Structured Finance Team at Newmark, led by vice chairman Christopher Kramer and assisted by Christopher Lozniak, Ryan Bub and Jack Fenton, represented MRA.
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