First Potomac Closes on $22M Loan on Greyhound Property
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First Potomac Realty Trust (NYSE: FPO) has closed on a $22 million mortgage loan with EagleBank that is secured by the Greyhound property located at 1005 First Street, NE in Washington D.C.
The two year, interest-only mortgage with a one year extension option, has a variable interest rate of LIBOR plus 2.75% with a floor of 5%. The majority of the net proceeds from the mortgage were used to repay a portion of the balance outstanding under the Company’s unsecured revolving credit facility and the remainder was used for general corporate purposes.
“In the last several months, we took advantage of the current financing environment by entering into more than $120 million of transactions," said Douglas J. Donatelli, Chairman and Chief Executive Officer of First Potomac Realty Trust in a statement. "These transactions combined with the sale of our interest in 1200 17th Street significantly improve our balance sheet metrics and our liquidity profile.”