The loan carries an interest rate fixed at 5.13% through Oct. 1.
"With the closing of this second portfolio refinancing and our recent assumption of a $24,750,000 seven-year 5.25% loan on the Financial Plaza building in Phoenix earlier this month, we have now reduced our floating rate debt as a percentage of total mortgage debt from 47% at the end of 2002 to 18% today," says William Atkins, chairman and CEO of AmeriVest, the nation's only office REIT that caters only to small and medium-sized office tenants.
"We believe that the reduction in exposure to interest rate risk continues to be appropriate, given our long-term holding strategy for our assets and the currently favorable interest rate environment," he adds.
In connection with this refinancing, the company will expense approximately $30,000 in unamortized loan fees related to the previous mortgage loan on Parkway Centre II.
AmeriVest owns 28 office properties.
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