Franklin Street Properties gets $75 million three-year term loan

By Angela McDaniels

Tacoma, Wash., Oct. 15 - Franklin Street Properties Corp. said it closed on a $75 million unsecured term loan facility with RBS Citizens, NA, Bank of America, NA and Wachovia Bank, NA.

The term loan matures on Oct. 15, 2011. The company can extend the maturity date for up to two successive one-year periods.

For the initial three-year term of the term loan, interest is fixed at 5.84% per year under an interest rate swap agreement, according to a company news release.

Borrowings cannot be prepaid during the first year.

Proceeds will be used to pay down a portion of the company's existing $250 million revolving line of credit facility, and the increased availability under the revolver will be used for property acquisitions.

When the term loan closed on Wednesday, the company also amended the terms of the revolver to conform them to the terms of the term loan.

Franklin Street Properties is a Wakefield, Mass.-based investment firm specializing in real estate.

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