NEW YORK, Jan. 28, 2020 (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc.  announced that Riverbend Upper Macungie Properties I LLC and Riverbend Crossings III Holdings LLC, each wholly owned subsidiaries of Griffin, entered into a promissory note providing for a $15.0 million loan, secured by a nonrecourse mortgage given by Riverbend Upper Macungie Properties I LLC on an approximately 134,000 square foot industrial/warehouse building and a nonrecourse mortgage given by Riverbend Crossings III Holdings LLC on an approximately 120,000 square foot industrial/warehouse building. Both buildings are in the Lehigh Valley of Pennsylvania. The Promissory Note, issued by the Borrowers to State Farm Life Insurance Company, has a fixed interest rate of 3.48% and ten-year term, with principal payments based on a twenty-five-year amortization schedule. Approximately $3.2 million of the proceeds from the Mortgage Loan were used to repay a maturing mortgage loan on 871 Nestle Way. The balance of the Loan Proceeds will be used for general corporate purposes, including investment in real estate assets.