Franklin Street gets $500 million revolver led by Bank of America

By Sara Rosenberg

New York, Feb. 23 - Franklin Street Properties Corp. closed on a new $500 million three-year unsecured revolving credit facility, according to a news release.

Bank of America is the administrative agent on the deal.

Pricing on the revolver ranges from Libor plus 185 basis points to 300 bps based on leverage. The initial rate is Libor plus 185 bps.

There is a $100 million accordion feature and a one-year extension option.

Proceeds are being used to refinance an existing $250 million credit facility and $75 million term loan.

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

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