Financing for a $350 million loan has been completed for the Center for Life Science Boston, an approximately 700,000-square-foot, Gold LEED-certified research facility in Boston’s Longwood Medical Area.
The five-year loan was secured by BioMed Realty Trust with John Hancock Life Insurance Co. and Westdeutsche ImmobilienBank AG.
"One of the hallmarks of BioMed’s strategy has been proactive management of its capital structure, and the timely completion of the financing for the Center for Life Science Boston is a prime example of our team’s ability to execute on this strategy," said Kent Griffin, president and chief financial officer of BioMed.
The $350 million loan bears interest at 7.75 percent per annum and matures in June 2014, according to BioMed Realty. Proceeds from the loan were used to repay a portion of an existing $507.1 million secured construction loan on the property.
BioMed paid down the remaining balance of the existing secured construction loan by drawing on the company’s unsecured line of credit. The new mortgage financing for the Center for Life Science | Boston successfully addresses the last of BioMed’s debt maturities in 2009.
