Interests in 24 office buildings in northern New Jersey, Boston and Baltimore/Washington, DC secure the facility, which replaces one that was due to mature this December. It had a balance of $203 million prior to its repayment, along with financings of two properties with an aggregate outstanding balance of $36 million.

Terms of the new facility include interest at LIBOR plus 2.9% per year, and an initial June 2004 maturity with options for two 12-month extensions, subject to certain operating and valuation covenants.

Edward Lowenthal, president of WRP, notes on the refinancing that, "At this time, when few sale transactions are being consummated, this financing gives us excellent flexibility. It extends for five years the firm's ability to own and operate the portfolio without debt maturity risk while permitting us to sell assets when we deem it appropriate."