Worcester Business Journal
November 8, 2019
New York City real estate investment firm Rabina Properties has refinanced its Auburn industrial warehouse for $15 million, according to Worcester real estate firm Kelleher & Sadowsky, which arranged the deal.
The 450,000-square-foot industrial warehouse building at 28 Millbury St. in Auburn was able to be refinanced after Kelleher & Sadowsky signed Imperial Distributors and manufacturer Karl Storz Endoscopy America to leases taking up a combined 265,000 square feet of space.
Until the Karl Storz and Imperial Distributors deals were signed, large portions of the building were vacant, after previous occupant Filene’s Basement shuttered its space there.
Meghan Liddy, senior vice president of capital markets at the Kelleher & Sadowsky, arranged the financing through UniBank, which is headquartered in Whitinsville.
“This deal enables Rabina Properties to capitalize on the increased value of the property and secure long-term, fixed-rate financing structured to match our investment strategy,” said Zach Weinman, senior vice president at Rabina Properties.
Rabina Properties is a real estate investment, development, and management firm based in New York and owns more than seven million square feet of investment properties.