First Potomac Realty Trust Announces Closing of $22 Million Secured Financing
BETHESDA, Md.--(BUSINESS WIRE)--First Potomac Realty Trust (NYSE: FPO), a leading owner of office and industrial properties in the greater Washington D.C. region, today announced the closing of a new secured financing.
The Company recently closed on a $22 million mortgage loan with EagleBank that is secured by the Greyhound property located at 1005 First Street, NE in Washington D.C. The two year, interest-only mortgage with a one year extension option, has a variable interest rate of LIBOR plus 2.75% with a floor of 5%. The majority of the net proceeds from the mortgage were used to repay a portion of the balance outstanding under the Company’s unsecured revolving credit facility and the remainder was used for general corporate purposes.
Douglas J. Donatelli, Chairman and Chief Executive Officer of First Potomac Realty Trust said, “In the last several months, we took advantage of the current financing environment by entering into more than $120 million of transactions. These transactions combined with the sale of our interest in 1200 17th Street significantly improve our balance sheet metrics and our liquidity profile.”
About First Potomac Realty Trust
First Potomac Realty Trust is a self-administered, self-managed real estate investment trust that focuses on owning, operating, developing and redeveloping office and industrial properties in the greater Washington, D.C. region. As of June 30, 2012, the Company's consolidated portfolio totaled approximately 14 million square feet. Based on annualized cash basis rent, the Company’s portfolio consists of 42% office properties, 36% business parks and 22% industrial properties. A key element of First Potomac's overarching strategy is its dedication to sustainability. Nearly 1 million square feet of First Potomac property is LEED Certified, with another 1 million square feet currently in development. Approximately half of the portfolio's total square footage of multi-story office property is either LEED or Energy Star Certified and 82% of First Potomac’s Washington, DC portfolio is Energy Star Certified. FPO common shares (NYSE:FPO) and preferred shares (NYSE:FPO-PA) are publicly traded on the New York Stock Exchange. For more information, please visit www.first-potomac.com.