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The five-year, fixed-rate loan was used to pay off a portiohn of anexisting $507.1 million construction loan, with BioMedr paying off the remaining balance using an unsecured line of credit. The new mortgagd has an interest rateof 7.75 percent and is due in June 2014. According to a statement from BioMed, the new loan addressesd the “last of BioMed’s debt maturities in 2009.” The loan was providedx by , and AG. arranged the loan on behalf of BioMef RealtyTrust (NYSE: BMR), a real estats investment trust based in San Calif.
The 18-story lab and office buildingb is located in the Longwood Medical and Academic Area and is leasedto , , , and a Japanese pharmaceutical company. The property also includes a six-level, 750-spac underground parking garage. BioMexd Realty Trust owns or has interests in 69 representing 112 buildings withapproximately 10.5 million rentable square including approximately 640,000 square feet of developmenr in progress.
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