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Medical Marijuana

Former Disston factory in hands of new mortgage holder

SOUTH DEERFIELD — The property in the heart of the Deerfield Industrial Park — built nearly four decades ago for Millers Falls Co. tool makers — has switched hands again.

A Miami-based real estate investment company, under the corporation name CMLT 2008-LSI Industrial 5 LLC, owns the property.

The company is a subsidiary of LNR Realty, one of the world’s largest commercial mortgage special servicers.

The 250,000-square-foot building at 5 Industrial Drive West was foreclosed on by the lender, LaSalle Bank National Association. The building has an $8 million outstanding loan.

LaSalle Bank was the original mortgage holder, but it transferred the mortgage by assigning it to LNR.

As the new mortgage holder, LNR will deal with the defaulted mortgage loan. LNR specializes in dealing with defaulted mortgage loans.

In this role, the new owner works to maximize the recovery on non-performing loan and real estate assets to the bondholders. To accomplish this, LNR will consider multiple options as part of its analysis including, but not limited to, loan modification, foreclosure, negotiated payoff or sale of the defaulted loan.

The building continues to be unoccupied.

Disston, a saw blades and tool company, was based at the property over the past 15 years until it moved its operations to Chicopee in April to save costs.

In October, LaSalle Bank purchased the site for $3.8 million at a foreclosure auction after Deerfield Plaza LLC defaulted on its mortgage. Deerfield Plaza had rented to Disston. Corporate filings in the Secretary of State’s Office lists a South Deerfield address for the corporation, whose resident agent is listed in Springfield.

Meanwhile, a nonprofit seeking a license to run a medical marijuana dispensary has inquired about whether it could use part of the former tool factory for dispensing and cultivation of medical marijuana.

Deerfield town Zoning Officer Richard Calisewski said he could not disclose the name of the nonprofit. He said the group is not local.

There are six groups from the eastern part of the state that have been invited to seek a permit to run a dispensary in Franklin County and Berkshire, Dukes and Nantucket counties. One company, Patriot Care Corp., which has made overtures in Greenfield, so far.

You can reach Kathleen McKiernan at: kmckiernan@recorder.com or 413-772-0261 ext. 268.

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