BioMed Realty Trust Joint Venture Enters Into New $245 Million Construction Loan and Extends Term of Existing Loa...( SAN DIEGO Feb. 20 /- BioMed Realt...),Health

SAN DIEGO, Feb. 20 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc. (NYSE: BMR) today announced that its joint venture with PREI(R) (Prudential Real Estate Investors) entered into a secured construction loan with Wachovia Bank, National Association and certain other lenders to provide borrowings of up to approximately $245 million in connection with the construction of 650 East Kendall Street, a roughly 300,000 square foot life sciences building located in Cambridge, Massachusetts.

Proceeds from the construction loan will be used in part to repay a portion of the joint venture's existing $550 million secured acquisition and interim loan facility from KeyBank National Association and certain other lenders and to fund the balance of the anticipated cost to complete construction of the project.

In addition to entering into the new construction loan, the joint venture also extended the term of the existing secured acquisition and interim loan facility by one year to April 3, 2009, with no additional changes to the pricing or terms of the facility.

"The construction loan and extension of the existing loan are important milestones that further enhance the financial flexibility of the joint venture. We are extremely pleased to obtain financing for this construction project prior to pre-leasing given the challenges in the broader financial market. Furthermore, we appreciate the continued strong support of our lending partners," said Kent Griffin, Chief Financial Officer of BioMed Realty Trust.

Roger Pratt, PREI Senior Portfolio Manager, commented, "We are very pleased to have fully financed the construction costs for the joint venture's 650 East Kendall Street property. The success of this financing is a strong testi
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