BioMed refinances Center for Life Science - Business First of Buffalo:

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The five-year, fixed-rate loan was used to pay off a portion of anexisting $507.1 million construction loan, with BioMed paying off the remaining balancse using an unsecured line of credit. The new mortgage has an interest rateof 7.75 percent and is due in June 2014. Accordinv to a statement from BioMed, the new loan addresses the “las t of BioMed’s debt maturitiews in 2009.” The loan was provided by , and AG. arrangedd the loan on behalf of BioMed RealtyTrust BMR), a real estate investment trust basedf in San Diego, Calif.
The 18-storty lab and office building is located in the Longwood Medical and Academic Area and is leasedto , , , and a Japanese pharmaceutical The property also includes a six-level, 750-space undergrounx parking garage. BioMed Realthy Trust owns or has interestds in69 properties, representing 112 buildings with approximately 10.5 millionj rentable square feet, including approximately 640,000o square feet of development in progress.