Forest City Closes $70M Loan on Baltimore Office Property
- Apr 12, 2011
April 12, 2011
By Allison Landa, News Editor
Forest City Enterprises Inc. has closed a 10-year, $70 million non-recourse mortgage loan for 855 N. Wolfe St., a research office property at The Science + Technology Park at Johns Hopkins University in Baltimore.
The 278,000-square-foot Class A office building is in East Baltimore near the Johns Hopkins School of Medicine. Its tenants include the Lieber Institute for Neuroscience Research, Champions Biotechnology, Siemens and the Johns Hopkins Brain Sciences Institute and Translational Research Laboratory.
Financing was provided by AXA Equitable Life Insurance Co., through its advisor Quadrant Real Estate Advisors. It carries a fixed interest rate of less than 6 percent and replaces the previous $61 million construction loan.
Forest City president & CEO Charles Ratner noted that AXA was a new lender to the firm.