SAN DIEGO, June 29, 2009 /PRNewswire-FirstCall via COMTEX/ -- 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.
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.