The life sciences facility recently topped off with 700,000 square feet of Gold LEED certified research space. The $350 million will help pay off the debt maturities by 2009.
Kent Griffin, president and CFO of BioMed said in a statement, "In combination with our recent secondary common stock offering, which raised gross proceeds of $174.3 million, we have positioned BioMed well for continued long-term success in the execution of our business plan of acquiring, developing, owning and operating world-class research facilities in the core life science markets."
The facility is located in the Longwood Medical Area, here in a bio-med corridor, boasting Beth Israel Deaconess Medical Center, Children's Hospital Boston, Dana-Farber Cancer Institute and Immune Disease Institute, to name a few tenants in Longwood.
The current credit environment makes a loan of this size virtually impossible to obtain from a single lender, thus the multiple lenders, and the REIT will bear interest on the loan at 7.75% per annum and matures in June 2014. Proceeds from this loan paid off a portion of the existing $507-million debt. BioMed did not return GlobeSt.com inquiries before deadline.
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