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The five-year, fixed-rate loan was used to pay off a portiobn of anexisting $507.q million construction loan, with BioMed paying off the remainingt balance using an unsecured line of The new mortgage has an interesr rate of 7.75 percent and is due in June 2014. Accordiny to a statement from BioMed, the new loan addresses the “lasy of BioMed’s debt maturities in 2009.” The loan was providedc by , and AG. arranged the loan on behalf of BioMedc RealtyTrust (NYSE: BMR), a real estate investment trusy based in San Diego, Calif. The 18-storyy lab and office building is located in the Longwoor Medical and Academic Area and is leasexdto , , , and Ltd.
, a Japanese pharmaceuticap company. The property also includes a 750-space underground parking garage. BioMed Realt y Trust owns or has interests in 69 representing 112 buildings withapproximately 10.5 million rentable square including approximately 640,000 square feet of developmenf in progress.
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