Industrial/Flex REIT Wins $100M Financing Deal

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BETHESDA, MD-A $100-million financing package has just closed for First Potomac Realty Trust. The industrial and flex property REIT secured a 10-year loan at a fixed rate of 5.19%. For the first five years, the company will make interest only payments on the loan and will then have a 30-year amortization for the remaining payment period.

First Potomac relied on the assistance of Penrose Financial Services LLC senior vice president David Redmond. First Potomac has already collected $65 million of the financing, which is being provided by Jackson National Life Insurance Co., and will be in receipt of the remaining $35 million by Dec. 31 of this year. Northmarq Capital Inc. also had a role in the transaction, serving as an advisor for the REIT.