NEW YORK, Jan. 31, 2018 (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (NASDAQ:GRIF) announced that one of its subsidiaries closed on the refinancing of a nonrecourse mortgage loan (the “Existing Loan”) with People’s United Bank, N.A. that provides $7.0 million of additional loan proceeds. The Existing Loan was collateralized by 755 and 759 Rainbow Road, two fully leased industrial/warehouse buildings aggregating approximately 275,000 square feet in New England Tradeport, Griffin’s industrial park in Windsor and East Granby, Connecticut. The Existing Loan, which closed in March 2017, had a ten year term and a balance of approximately $11.8 million immediately prior to the refinancing. The refinanced nonrecourse mortgage loan (the “New Loan”) is for approximately $18.8 million, has a new ten year term with principal payments based on a twenty-five year amortization schedule and, in addition to 755 and 759 Rainbow Road, is collateralized by 330 Stone Road, a recently completed approximately 137,000 square foot industrial/warehouse building in Tradeport which is 54% leased. The New Loan has a variable interest rate based on the one-month LIBOR rate plus 1.95%, but Griffin entered into an interest rate swap agreement with People’s Bank that, combined with an existing interest rate swap agreement with People’s Bank, effectively fixes the interest rate on the New Loan at 4.57% over the term of the New Loan. Griffin intends to use the mortgage proceeds for general business purposes, including continued investment in its real estate assets.