Metropolitan Realty Associates secures $33.2 million loan with Webster Bank for 315,000 s/f industrial facility

South Windsor, CT Metropolitan Realty Associates LLC (MRA), led by CEO and founder Joseph Farkas, has refinanced a 315,000 s/f, single story, last mile distribution facility at 456 Sullivan Ave. Webster Bank closed the loan for $33.2 million. This loan paid off the existing mortgage held by Bank of America from the time of acquisition. MRA originally acquired the industrial facility in February 2021. At the time the facility was 100% occupied by a single credit tenant.

Terms of the loan were not detailed but “Webster Bank’s new loan underscores the strength of this property and the South Windsor/Hartford market,” said Joseph Farkas, CEO and founder of Metropolitan Realty Associates.

456 Sullivan Ave. is a premier logistics facility situated within the I-91 industrial corridor, offering direct access to key metropolitan markets. The property has 31.5-ft. clear ceiling heights, 99 dock bays, and trailer storage, making it an ideal distribution hub for e-commerce operations.

“The sustained popularity of e-commerce and the need for efficient last-mile distribution continue to drive demand for well-located logistics assets,” said Farkas. “The financial success of the facility validates our investment strategy in high-quality, cash-flowing assets with credit tenants in prime logistics corridors which further enhances the stability and long-term value of 456 Sullivan Ave.”

 The New York debt and structured finance team at Newmark represented MRA exclusively in this transaction led by Christopher Kramer, vice chairman and assisted by Christopher Lozniak, Ryan Bub and Jack Fenton.