Monday, January 4, 2016

Brandywine Completes $56.5M Disposition and Refinancing

by Steve Lubetkin,
Brandywine Realty Trust completed the previously announced sale of six office properties in Mount Laurel, NJ and the refinancing of One Commerce Square in Philadelphia, PA, with a first mortgage maturing in April, 2023.

Brandywine says it completed the sale of six suburban office buildings located in Mount  Laurel totaling 560,100 square feet for $56.5 million. The exact buildings could not be immediately determined, and Brandywine did not respond to a request from for comment.

The company also refinanced its One Commerce Square property in Center City Philadelphia with a $130 million first mortgage maturing in April, 2023. The mortgage has a fixed interest rate of 3.64 percent. The previous mortgage totaled $121.2 million and was scheduled to mature in January 2016 with a fixed interest rate of 5.67 percent.

Brandywine says it received $65.8 million of net proceeds which it expects to use to fund current development commitments, reduce debt and general corporate purposes.

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