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Grandbridge Real Estate Capital’s Milwaukee, Wis., office originated and closed a $16,950,000,    13-year fixed rate refinance loan secured by a 633,150 square foot industrial building located in Green Bay, Wis.

The owner occupied property, containing a approximately 24,000 square feet of office space in addition to the warehouse and manufacturing areas, is home to Green Bay Converting, Inc., North America’s leading independent converter of sanitary tissue products.

Grandbridge Senior Vice President Pat Dempsey and Senior Analyst Jeff Schmidt arranged the financing on behalf of the property’s owner-occupant, Green Bay Converting, Inc. Funding for the transaction was provided by UNUM Group of Portland, Maine, through Kim White, senior investment officer.  The loan was made at 70 percent loan-to-value with an interest rate of 6.70 percent and is fixed for the 13-year term.

“Green Bay Converting’s local bank had been providing financing for their building, equipment, and business lines.  Although the company enjoys an excellent relationship with their bank, the combined credit exposure was limiting their ability to secure financing for new equipment as they continue to expand operations.  Refinancing the real estate with a long-term, fixed rate insurance company loan not only allows the company to mitigate the risk of what is likely to be a rising interest rate environment over the next several years, but also frees up capacity to finance equipment and growing business operations with their existing bank,” commented Mr. Dempsey.

Tags | finance, Grandbridge Real Estate Capital, industrial, Wisconsin

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