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ROCKVILLE, MD-First Potomac Realty Trust has closed a $68.4 million mortgage secured by a value-add acquisition it made more than a year ago: Redland Corporate Center. The mortgage has a five year term, a fixed interest rate of 4.2%, and a 30 year amortization schedule. First Potomac will use the proceeds to repay a portion of the balance outstanding under its unsecured revolving credit facility.

The refinancing is part of the REIT’s strategy to shore up its balance sheet profile, according to CEO and chairman Douglas J. Donatelli. Besides increasing its liquidity, he says in a prepared statement, the refinancing allows the REIT to take advantage of the current low interest rate environment.

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