Northwest Bank Lends $28M on East Hartford Industrial Buy

Seyon Group has sealed $28.1 million of acquisition financing to purchase an 11-building industrial campus in East Hartford, Conn., Commercial Observer has learned.

Northwest Bank supplied the loan for Seyon Group’s $37 million acquisition of the 428,000-square-foot Prestige Park property. The 11 warehouses that comprise the industrial campus were previously owned by investors tied to entities Barrington TIC, Market Street TIC II, ACG Prestige Acquisitions and JR Prestige Spe, according to East Hartford town documents. 

Newmark negotiated the debt with a team consisting of Chris Kramer, Timothy O’Donnell, Max Ralby, Conor Reenstierna and Amel Vernon. Brian Schulz, managing director at Newmark, arranged the sale representing the seller, which was not disclosed by the brokerage firm. 

Situated on nearly 29 acres six miles east of Downtown Hartford, Prestige Park features a mix of single-tenant, mid-bay and shallow-bay industrial buildings. The industrial campus is around 94 percent leased to manufacturing, research and development, warehouse and distribution tenants, according to Newmark. It also includes two developable land parcels for future expansion options.

Northwest Bank and Seyon Group did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.