Navigation Links
BioMed Realty Trust Completes $350 Million Financing for Center for Life Science Boston
Date:6/29/2009

SAN DIEGO, June 29 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc. (NYSE: BMR) announced today the closing of a new $350 million loan with John Hancock Life Insurance Company, TIAA-CREF, and Westdeutsche ImmobilienBank AG. The five year loan is secured by a single property - the Center for Life Science | Boston, a newly constructed 700,000+ square foot state-of-the-art research facility that recently received Gold LEED(R) certification from the U.S. Green Building Council.

"One of the hallmarks of BioMed's strategy has been proactive management of its capital structure, and the timely completion of the financing for the Center for Life Science | Boston is a prime example of our team's ability to execute on this strategy," said Kent Griffin, President and Chief Financial Officer of BioMed. "In combination with our recent secondary common stock offering, which raised gross proceeds of $174.3 million, we have positioned BioMed well for continued long-term success in the execution of our business plan of acquiring, developing, owning and operating world-class research facilities in the core life science markets. We want to thank our lenders for their recognition of the world-class nature of the facility, the strength of its tenancy and especially their commitment to successfully completing this loan in a still challenging global credit environment."

The Center for Life Science | Boston, located in the heart of Boston's Longwood Medical Area, is surrounded by exceptional life science research institutions, hospitals and biotechnology and pharmaceutical companies, including Harvard Medical School, Brigham and Women's Hospital, and Merck Research Laboratories Boston. Additionally, the Center for Life Science| Boston possesses a premier tenant roster, including Beth Israel Deaconess Medical Center, Children's Hospital Boston, Dana-Farber Cancer Institute, Immune Disease Institute and Kowa Company, Ltd.

The $350 million loan bears interest at 7.75% per annum and matures in June 2014. Proceeds from the loan were used to repay a portion of an existing $507.1 million secured construction loan on the property. BioMed paid down the remaining balance of the existing secured construction loan by drawing on the company's unsecured line of credit. The new mortgage financing for the Center for Life Science | Boston successfully addresses the last of BioMed's debt maturities in 2009.

About BioMed Realty Trust

BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry(R). The company's tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed Realty Trust owns or has interests in 69 properties, representing 112 buildings with approximately 10.5 million rentable square feet, including approximately 640,000 square feet of development in progress. The company also owns undeveloped land parcels adjacent to existing properties that it estimates can support up to 1.4 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey, which have well-established reputations as centers for scientific research.

About LEED(R)

The Leadership in Energy and Environmental Design (LEED(R)) Green Building Rating System(TM) encourages and accelerates global adoption of sustainable green building and development practices through the creation and implementation of universally understood and accepted tools and performance criteria. LEED(R) is a third-party certification program and the nationally accepted benchmark for the design, construction and operation of high performance green buildings. LEED(R) gives building owners and operators the tools they need to have an immediate and measurable impact on their buildings' performance.

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants' financial condition, and competition from other developers, owners and operators of real estate); adverse economic or real estate developments in the life science industry or the company's target markets; risks associated with the availability and terms of financing, the use of debt to fund acquisitions and developments, and the ability to refinance indebtedness as it comes due; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully; risks and uncertainties affecting property development and construction; risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets; potential liability for uninsured losses and environmental contamination; risks associated with the company's potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and risks associated with the company's dependence on key personnel whose continued service is not guaranteed. For a further list and description of such risks and uncertainties, see the reports filed by the company with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


'/>"/>
SOURCE BioMed Realty Trust, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. BioMed Realty Trust Closes New $18 Million Secured Loan
2. Joan Massagué wins BBVA Foundation Frontiers of Knowledge Award in Biomedicine
3. Elsevier Honored as "The Most Influential Publisher of the Last 100 Years in BioMedicine and the Life Sciences" by the Special Libraries Association
4. 17 of Americas Most Promising Scientists Selected as 2009 Pew Scholars in the Biomedical Sciences
5. BioMed Realty Trust Declares Second Quarter 2009 Common Stock and Preferred Stock Dividends
6. Response Biomedical Corporation Announces Appointment of Vice President Finance & Administration and Chief Financial Officer
7. LA BioMed researcher honored for excellence in education
8. Entest BioMedical Inc. Adds Former National Cancer Institute Researcher to Scientific Advisory Board With Focus on Stem Cell Cancer Patient Therapies
9. LA BioMed researcher receives clinical teaching award
10. New Video Series Spotlights Role of Biomedical Engineers in Caring for Total Artificial Heart Patients
11. Response Biomedical Closes $12.65 million Unit Offering
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/12/2017)... ... October 12, 2017 , ... The American College of Medical Informatics (ACMI) will ... during the Opening Session of AMIA’s Annual Symposium in Washington, D.C. AMIA’s Annual ... F. Collen, a pioneer in the field of medical informatics, this prestigious award is ...
(Date:10/12/2017)... ... October 12, 2017 , ... Dr. Parsa Mohebi, the ... medical article to the newly revamped Cosmetic Town journal section, featuring ... transplant procedure known as Follicular Unit Extraction (FUE). , Dr. Mohebi ...
(Date:10/12/2017)... ... , ... On Saturday, October 21, the Health & Wellness Center at Florida ... money for the American Heart Association Heart Walk. Teams of up to 10 people ... keep their treadmills moving for 5 hours. Treadmills will start at 7:00 p.m. on ...
(Date:10/12/2017)... ... , ... In the United States, single-family home owners pay ... York, New Jersey, Massachusetts, Texas, Virginia, Connecticut, and California—the average is $7,000 a ... rates, which contributes to the relatively lower cost of living in places like ...
(Date:10/12/2017)... ... October 12, 2017 , ... ... presents its enhanced Pepper Flow promotional review platform at the Promotional Review ... increased insight-driven capabilities help marketers streamline the medical, legal, and regulatory review ...
Breaking Medicine News(10 mins):
(Date:10/11/2017)... , Oct. 11, 2017  True Health, a ... amplified its effort during National Breast Cancer Awareness ... cancer risks. ... Oncology calculated that more than 10 million American ... mutations in BRCA1 or BRCA2 and have not had ...
(Date:10/7/2017)... --  Provista, a proven leader in the supply ... power, today announced a new resource area on Provistaco.com ... is the online home for case studies, articles on ... releases, slideshows and events. ... at their fingertips, viewers can also watch short videos ...
(Date:10/4/2017)... OBP Medical , a leading ... today announced regulatory approval from Brazil,s ... Nacional de Vigilância Sanitária (ANVISA)) to market ... with integrated LED light source and smoke evacuation ... of a tissue pocket or cavity during surgical ...
Breaking Medicine Technology: