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Colliers Boston arranges $9.6M financing for 4-building Branford, CT acquisition

BOSTON, MA, JULY 29, 2020  – Colliers International’s Boston Capital Markets team recently announced that Executive Vice President Tom Welch and Senior Vice President Adam Coppola arranged $9.6 million of permanent financing to recapitalize Benerofe Properties’, Sivan Properties’ and Zusin Properties’ recent joint acquisition of a four-building flex/R&D portfolio in Branford, Connecticut. The well leased portfolio of 32, 34, 36 and 38 East Industrial Road, comprising approximately 121,000 SF, was financed by Genworth Financial with a fifteen-year fixed rate first mortgage. Despite COVID-19-induced obstacles that required an extension of the rate lock and commitment, the lender’s and borrower’s mutual cooperation ultimately enabled a closing on terms agreed to early in 2020.

“We are pleased to once again represent sponsorship in securing long term insurance company debt to recapitalize their recent strategic acquisition of this portfolio,” shared Coppola. Welch added that “in spite of the current environment, Genworth recognized the inherent value of the portfolio and the sponsor's commitment to the Branford submarket, and ultimately provided a winning combination of leverage and pricing to dovetail with the borrower's long term hold strategy.”

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About Colliers International

Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at, Twitter @Colliers or LinkedIn.

For further information, please contact:
Jake Klein
Goldin Solutions for Colliers
Phone: 646.660.8644