Office Properties Income Trust Closes $77.4M Mortgage Loans For Office Properties

Office Properties Income Trust (OPI) has closed $77.4 million in mortgage loans for office properties in New Jersey, Virginia, and California. The properties involved in the transaction are located at 500 Charles Ewing Boulevard in Ewing, New Jersey, 22330 Glen Drive in Sterling, Virginia, and 145 Rio Robles Drive in San Jose, California. The total square footage of these office properties is 478,475.

Summary of transation details

• Property Type: Office
• Transaction Amount: $77,400,000
• Market: Ewing, New Jersey; Sterling, Virginia; San Jose, California

The mortgage loans were secured through a refinance process. The loan terms include fixed interest rates over five to 10-year interest-only payment terms, ranging from 7.3 percent to 8.2 percent. The loans were obtained by Office Properties Income Trust (OPI), with Adam Portnoy as the landlord's representative.