Brandywine Realty Explores New Financing Possibilities

The Radnor real estate investment trust entered into binding agreement for commitments on a new $600 million credit facility and another $600 million of unsecured loans.  The transaction is scheduled to close by Feb.1.

At the closing of those loans, Brandywine will retire an existing $600 million unsecured revolving credit facility and another $183 million term loan, both scheduled to mature on June 29.  Nit will have no significant debt maturities until November 2014.

The company called the $1.2 billion in new bank financing "transformative."  Brandywine said it allows the company to not only have no debt maturities in the near future, but also to "execute our business plan objectives."  The funds position Brandywine to possibly fund new construction projects it has in the works for Philadelphia; an apartment building at 1919 Market St., another is a rumored student housing complex on one of the Cira sites in and around 30th Street Station.

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