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WEST CONSHOHOCKEN, PA-Locally based Keystone Property Trust closes on a $75 million unsecured term loan. It will utilize the proceeds to pay down its $185 million unsecured credit facility.

San Francisco-based Wells Fargo Bank is the administrative agent and underwrote the loan. It expects to syndicate it in the future.

The loan has a five-year term and a variable interest rate, which is priced on a grid that is based on Keystone’s leverage. The interest rate ranges between Libor plus 1.35% and Libor plus 1.75%.

Keystone’s current portfolio contains 122 properties, including those under development. They encompass an aggregate 28 million sf in the eastern half of the US.

Most recently, Keystone committed to develop a 772,000-sf distribution center in Cranberry, NJ, for the Home Depot at an estimated construction cost of $40 million. Keystone will retain ownership of the facility, and the retailer will occupy it, beginning at the end of 2004, under an initial 12-year lease. The facility is expandable to 922,000 sf.

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