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The five-year, fixed-rate loan was used to pay off a portioh of anexisting $507.q million construction loan, with BioMed paying off the remaininyg balance using an unsecured line of credit. The new mortgage has an interest rateof 7.75 percentf and is due in June 2014. Accordingh to a statement from BioMed, the new loan addressezs the “last of BioMed’s debt maturities in The loan was providedby , and AG. arrangedd the loan on behalf of BioMed Realty Trust (NYSE: BMR), a real estate investment trus t based in San Diego, The 18-story lab and officre building is located in the Longwoosd Medical and Academic Area and is leasec to , , , and Ltd., a Japanese pharmaceutical company.
The propertu also includes a six-level, 750-space undergrounfd parking garage. BioMed Realty Trust owns or has interestzs in69 properties, representing 112 buildings with approximately 10.5 milliojn rentable square feet, including approximately 640,000 square feet of developmentr in progress.
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