$4.5-Million Loan For Northern Metals Marine Terminal

General Electric Credit Corporation has closed a $4.5-million interim first mortgage loan on the Northern Metals Marine Terminal, a 40-acre port facility on the Delaware River in Philadelphia, Pa.

The 10-year loan is secured by a 184,000-square-foot d o c k s i d e t e r m i n a l , a 24,000-square-foot o f f i c e b u i l d i n g , and the railimproved real estate.

The borrower is Northern Associates, a Pennsylvania partnership, which owns and operates the bulk cargo storage facility.

The mortgage was arranged by GECC loan representative Ron Macklin of the Bethesda, Md., Eastern States Real Estate Financing Office, through broker Kevin Coady of J.R. Daly & Son, Inc., New York, N.Y.

A c c o r d i n g to Mr. Macklin, GECC's loan is based on the value of the complex as a generalpurpose dockside warehouse facility.

"The continued growth of the Port of Philadelphia, the market requirement for bulk cargo facilities, and the knockdown value of the complex all were taken into account in evaluating the loan," Mr. Macklin noted. "This philosophy, to appreciate the inherent real estate value in a specialpurpose property, is part of GECC's creative approach to financing." The General Electric Company subsidiary has been active in real estate financing since 1969. It specializes in interim term first mortgages, second mortgages and wrap-around mortgages on a variety of income-producing property.

Maritime Reporter Magazine, page 46,  Sep 1978

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Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.