First Potomac Realty upsizes total loan commitments to $225 million

By Susanna Moon

Chicago, Jan. 3 - First Potomac Realty Investment LP exercised the $50 million accordion under its loan terms, lifting the total commitments to $225 million, according to an 8-K filing with the Securities and Exchange Commission.

Of the $50 million commitments by new lenders, $25 million went to the tranche B term loan and $25 million was allotted to the tranche C term loan, resulting in total loan amounts of $85 million for tranche B and $80 million for tranche C. The $60 million tranche A term loan remains unchanged.

The company, which is the operating partnership of First Potomac Realty Trust, and some of its subsidiaries entered into an agreement last Thursday with KeyBank NA as administrative agent.

Proceeds from the term loan increase were used to repay other debt and for general corporate purposes.

All other terms of the credit agreement remain unchanged.

First Potomac is a real estate investment trust that invests in industrial properties in the Washington, D.C., area. It is based in Bethesda, Md.

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