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Sale of old IBM complex in Endicott includes $41M in loans

The brand new house owners of the Huron Campus secured $41 million in loans for the property, based on paperwork filed with the Broome County Clerk’s Workplace.

Phoenix Buyers announced its acquisition of the former IBM campus in Endicott on Friday. Phoenix Endicott Industrial Buyers, an LLC based mostly in Milwaukee, secured loans of $24.07 million, $3.75 million and $13.18 million to amass the sprawling property, which incorporates roughly 40 parcels and 29 buildings encompassing 130 acres.

Round 2.9 million sq. ft of the campus went up for sale in 2020 following the chapter of Maines Paper & Meals Service Corp. Invoice and David Maines, the first shareholders in Maines Paper & Meals Service, owned the Huron Campus, which had a $35 million mortgage hooked up to the property final yr.

Frank Crivello, Phoenix’s Founder and Chairman, stated the campus shall be rebranded over the subsequent yr with “important capital enhancements” deliberate for the location. Paperwork filed with the Broome County Clerk replicate that intention. Phoenix has budgeted near $9.7 million in restore prices, with the largest investments in roof repairs and replacements ($3.9 million), exterior wall methods ($1.2 million) and asphalt, concrete and sidewalk work ($1 million).

 

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