MINNEAPOLIS—Minneapolis, Minn.-based FSP 50 South Tenth Street Corp. has repaid a $106.2 million mortgage loan to Wakefield, Mass.-based Franklin Street Properties Corp. (FSP), an investment firm specializing in real estate.
The loan was repaid on December 29, 2011 in its entirety.
According to the Securities and Exchange Commissions (SEC) filing, FSP 50 South Tenth Street Corp. replaced the loan from FSP with a five-year, interest-only loan from Bank of America N.A. and RBS Citizens, National Association, with Bank of America N.A. serving as administrative agent and Merrill Lynch, Pierce, Fenner & Smith Incorporated serving as sole lead arranger and sole book manager.
According to the SEC filing, the company fixed the interest rate on the new loan at 2.87 percent per year.
Based in Wakefield, Mass., Franklin Street Properties Corp. invests in commercial properties with most of its property portfolio comprised of suburban office buildings.
FSP 50 South Tenth Street Corp. was organized in 2006 as a Delaware corporation to purchase, own and operate the property located at 50 South Tenth Street, Minneapolis, Minn. Franklin Street Properties Corp. holds the sole share of FSP 50 South Tenth Street Corp.'s common stock. In addition, FSP Property Management LLC, a wholly owned subsidiary of Franklin Street Properties Corp., provides asset management and financial reporting services to FSP 50 South Tenth Street Corp. for a fee. FSP 50 South Tenth Street Corp. operates in a manner intended to qualify as a REIT for federal income tax purposes. FSP 50 South Tenth Street Corp. is a public-reporting company.