Boston Properties has secured $725 million of financing for an office building in midtown Manhattan, Commercial Real Estate News Direct reports. The financing was provided by a group of life insurers, including Prudential Insurance Company of America, MetLife and New York Life Insurance.
The REIT used parts of the loan to repay $453.3 million it had drawn under an unsecured credit line to retire a mortgage that was previously against that property. The remaining was used to pay down a $267.5 million loan against an office building in midtown Manhattan.
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