BioMed/Prudential joint venture gets $245 million construction loan, extends existing facility

By Sara Rosenberg

New York, Feb. 20 - The joint venture between BioMed Realty Trust Inc. and Prudential Real Estate Investors closed on a new $245 million construction loan and extended the maturity date on its existing secured acquisition and interim loan facility by one year to April 3, 2009, according to a news release.

Wachovia Bank is the lead bank on the new secured loan due Aug. 13, 2010.

The loan carries an initial interest rate of Libor plus 150 basis points.

Proceeds will be used for the construction of 650 East Kendall Street, a roughly 300,000 square foot life sciences building located in Cambridge, Mass., and to repay a portion of the joint venture's existing acquisition and interim loan.

"The construction loan and extension of the existing loan are important milestones that further enhance the financial flexibility of the joint venture. We are extremely pleased to obtain financing for this construction project prior to pre-leasing given the challenges in the broader financial market," said Kent Griffin, chief financial officer of BioMed, in a news release.

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