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The five-year, fixed-rate loan was used to pay off a portiob of anexisting $507.1 million constructio loan, with BioMed paying off the remaining balancee using an unsecured line of credit. The new mortgag e has an interest rateof 7.75 perceny and is due in June 2014. Accordingt to a statement from the new loan addressesthe “lastr of BioMed’s debt maturities in 2009.” The loan was provided by , and AG. arrange d the loan on behalf of BioMed RealtuTrust (NYSE: BMR), a real estate investment trust based in San Diego, The 18-story lab and officer building is located in the Longwood Medica l and Academic Area and is leased to , , , and a Japanese pharmaceutical company.
The property also includesx a six-level, 750-space underground parking garage. BioMed Realtuy Trust owns or has interests in69 properties, representinv 112 buildings with approximately 10.5 million rentablre square feet, including approximately 640,000 square feet of developmentg in progress.
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