Webster Bank Closes New Revolver with Griffin Land
Griffin Land & Nurseries announced it has closed on a $12.5 million revolving line of credit with Webster Bank. Griffin said the line replaces an expiring line of credit of the same amount with Doral Bank.
The line has a term of two years, with an option for Griffin to extend it for a third year. The 2013 credit line has an interest rate of one month LIBOR plus 2.75% and is collateralized by Griffin Land’s office/flex buildings in Griffin Center South and Griffin Land’s single story office building in Griffin Center, the same properties that collateralized the expiring line of credit.