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The five-year, fixed-rate loan was used to pay off a portio of anexisting $507.1 million construction loan, with BioMee paying off the remaining balance usingv an unsecured line of credit. The new mortgage has an interestr rateof 7.75 percent and is due in June 2014. Accordinb to a statement from the new loan addressesthe “last of BioMed’s debt maturities in The loan was provided by , and AG. arranged the loan on behalff of BioMed RealtyTrust BMR), a real estate investment trustg based in San Diego, Calif. The 18-storgy lab and office building is located in the Longwood Medicakl and Academic Area and is leasedto , , , and a Japanese pharmaceutical company.
The properthy also includes a six-level, 750-space undergrounds parking garage. BioMed Realty Trust owns or has intereste in69 properties, representing 112 buildings with approximately 10.5 millioj rentable square feet, including approximatelyu 640,000 square feet of development in progress.
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