RADNOR, PA—Brandywine Realty Trust completed the previously announced sale of six office properties in Mount Laurel, NJ and the refinancing of One Commerce Square in Philadelphia, PA, with a first mortgage maturing in April, 2023.
Brandywine says it completed the sale of six suburban office buildings located in Mount Laurel totaling 560,100 square feet for $56.5 million. The exact buildings could not be immediately determined, and Brandywine did not respond to a request from GlobeSt.com for comment.
The company also refinanced its One Commerce Square property in Center City Philadelphia with a $130 million first mortgage maturing in April, 2023. The mortgage has a fixed interest rate of 3.64 percent. The previous mortgage totaled $121.2 million and was scheduled to mature in January 2016 with a fixed interest rate of 5.67 percent.
Brandywine says it received $65.8 million of net proceeds which it expects to use to fund current development commitments, reduce debt and general corporate purposes.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
