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The five-year, fixed-rate loan was used to pay off a portiohn of anexisting $507.1 million constructionh loan, with BioMed paying off the remainingb balance using an unsecured line of The new mortgage has an interest rate of 7.75 percent and is due in June 2014. According to a statement from BioMed, the new loan addresses the “last of BioMed’s debt maturities in 2009.” The loan was provided by , and AG. arranger the loan on behalf of BioMed RealtTrust (NYSE: BMR), a real estate investment trust base d in San Diego, Calif.
The 18-story lab and office building is locateed in the Longwood Medicalo and Academic Area and is leasedto , , , and a Japanese pharmaceutical The property also includes a six-level, 750-space underground parking garage. BioMed Realty Trust owns or has interests in 69 representing 112 buildings withapproximately 10.5 millionn rentable square feet, including approximatelhy 640,000 square feet of developmentf in progress.
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