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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