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Article: Brandywine Realty Trust Closes an $85.0 Million Sale of Two New Jersey Properties.
- Article from:
- Real Estate Weekly News
- Article date:
- October 23, 2009
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Brandywine Realty Trust (NYSE:BDN) announced that it has closed the sale of the two properties it owned in Trenton, New Jersey for an aggregate purchase price of $85.0 million. The properties, 33 West State Street and 50 East State Street, total approximately 474,000 of net rentable square feet and were 96.5% occupied as of September 30, 2009. The buyer is an undisclosed, private investment group.
Under the terms of the sale, $22.5 million of the $85.0 million due at the closing has been deferred by Brandywine as a seven-year, 6.00% cash-pay / 7.64% accrual second mortgage loan provided to the buyer. The loan is secured by a second mortgage on the two properties ...