First Potomac Secures $68.4M in Secured Financing
First Potomac Realty Trust (NYSE: FPO) has closed on a $68.4 million mortgage loan that is secured by Redland Corporate Center in Rockville, Maryland.
The mortgage has a five year term, a fixed interest rate of 4.2%, and a 30 year amortization schedule. The net proceeds from the mortgage were used to repay a portion of the balance outstanding under the Company’s unsecured revolving credit facility.
“This financing improves our liquidity profile and allows us to take advantage of the current interest rate environment," said Douglas J. Donatelli, Chairman and Chief Executive Office of First Potomac Realty Trust in a statement. "Redland was 40% occupied when we acquired it and we recently brought it to stabilization, which gave us the opportunity to put permanent financing in place.
"We plan to take additional steps to improve our liquidity in the near future.”