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Print Edition StoriesThursday, February 12, 2009
Life sciences landlord BioMed Realty refinances local properties
By Marc Songini
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Prudential Real Estate Investors, the real estate investment management business of New Jersey-based Prudential Financial Inc., has refinanced a joint venture involving properties dedicated to the life science business, including 600,000 square feet in Cambridge.
The announcement was made by California-based BioMed Realty Trust Inc. (NYSE:BMR), a San Diego-based company collaborating with Prudential Real Estate Investors to secure funds to acquire the various properties. The amount of the refinancing is approximately $203 million, and the cash was used to repay some of the outstanding indebtedness under the existing secured acquisition and interim loan facility.
BioMed’s share of the financed amount is about $41 million, according to its 20 percent interest in the joint venture. BioMed repaid the remaining amount of the outstanding balance on the existing secured acquisition and interim loan facility using a $600 million unsecured line of credit. The amended and restated secured acquisition and interim loan facility term is now two years, with an option to extend that by one more year. A syndicate of lenders provided the facility using the KeyBank National Association as the administrative agent.
Completing the refinancing of the existing secured acquisition and interim loan facility with Prudential Real Estate Investors is “another milestone in managing our debt maturities,” stated Kent Griffin, president and CFO of BioMed,
BioMed owns or has interests in 69 properties, covering 112 buildings with about 10.4 million rentable square feet. In addition to locations in Cambridge and other local areas, BioMed owns the Center for Life Science Boston, a 700,000-square-foot research center with laboratory and office space in the Longwood Medical Area.
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