RADNOR, Pa., Dec. 30, 2015 /PRNewswire/ -- Brandywine Realty Trust (NYSE: BDN), announced the sale of six office properties located in Mount Laurel, New Jersey and the refinancing One Commerce Square in Philadelphia, Pennsylvania with a first mortgage maturing in April, 2023.
As previously announced, we have completed the sale of six suburban office buildings located in Mount Laurel, New Jersey totaling 560,100 square feet. The sales price is $56.5 million.
We have completed the refinancing of One Commerce Square with a $130 million first mortgage maturing in April, 2023. The mortgage has a fixed interest rate of 3.64%. The previous mortgage totaled $121.2 million at closing and was scheduled to mature in January 2016 and had a fixed interest rate of 5.67%.
We received $65.8 million of net proceeds and expect to use the net proceeds to fund current development commitments, reduce debt and general corporate purposes.
About Brandywine Realty Trust
Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia, Washington, D.C., and Austin markets. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 239 properties and 30.7 million square feet as of September 30, 2015. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together. Our deep commitment to our communities was recognized by NAIOP naming Brandywine the 2014 Developer of the Year – the highest honor in the commercial real estate industry. For more information, please visit www.brandywinerealty.com.
Forward-Looking Statements
Certain statements in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of the Company and its affiliates or industry results to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors relate to, among others, the Company's ability to lease vacant space and to renew or relet space under expiring leases at expected levels, the potential loss of major tenants, interest rate levels, the availability and terms of debt and equity financing, competition with other real estate companies for tenants and acquisitions, risks of real estate acquisitions, dispositions and developments, including cost overruns and construction delays, unanticipated operating costs and the effects of general and local economic and real estate conditions. Additional information or factors which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2014. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
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SOURCE Brandywine Realty Trust