Franklin, which has an office and industrial footprint in theMid-Atlantic as well as the Mid-West, has been increasing itsacquisitions this year. Earlier this month it also acquired afour-story office building in Maryland Heights, MO., for $19.75million. Completed in 2008, the 127,000-square-foot office buildingis 100% leased.
Franklin is likely funding at least part of these acquisitionswith a $75-million unsecured term loan facility it received fromRBS Citizens, Bank of America and Wachovia in October. The termloan facility has an initial three-year term that matures onOctober 15, 2011, with the option to extend the initial maturitydate for up to two successive one-year periods--or until October15, 2013 if both extensions are exercised.
The interest rate for the initial three-year term of the termloan facility is fixed at 5.84% per annum pursuant to an interestrate swap agreement. The proceeds of the term loan facility will beused to pay down a portion of the outstanding balance on Franklin'sexisting $250- million revolving line of credit facility--theremainder will be used for property acquisitions, it said at thetime.
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