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Article: BDN Closes Two NJ Properties.(Commercial Mortgages)
- Article from:
- National Mortgage News
- Article date:
- October 12, 2009
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RADNOR, PA-Real estate investment trust Brandywine Realty Trust here has closed the sale of the two properties it owned in Trenton, N.J., for an aggregate purchase price of $85 million.
The properties, 33 W. State St. and 50 E. State St., total 474,000 of net rentable square feet and were 96.5% occupied as of Sept. 30.
The buyer is an undisclosed private investment group.
Under the terms of the sale, $22.5 million of the $85 million due at the closing has been deferred by Brandywine as a seven-year, 6% cash-pay/7.64% accrual second mortgage loan provided to the buyer. The loan is secured by a ...