VANCOUVER, April 29, 2014 /PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO), announced today that it has completed a $25.4 million refinancing of its AmberGlen property located in Portland, Oregon with a national life insurance company. The interest rate is fixed at 4.38% for the loan's five-year term. The proceeds from the refinancing were used to repay a $23.5 million loan with a 6.25% interest rate and to fund reserves for future leasing activities.
"We are pleased to have completed the refinancing with American General Life Insurance Company and American Home Assurance Company. The completion of this loan concludes our initiatives to refinance our properties and lock-in attractive long-term financing. City Office REIT's average debt maturity is now over 6.0 years and our blended interest rate has declined to 4.2%," said James Farrar, Chief Executive Officer of City Office REIT.
About City Office REIT, Inc.
City Office REIT, Inc. is a real estate company formed to acquire, own and operate high-quality office properties located within our specified target markets, which are located in metropolitan areas in the Southern and Western United States. The Company owns six office complexes comprised of 16 office buildings with approximately 1.85 million square feet of net rentable area in the metropolitan areas of Boise (ID), Denver (CO), Portland (OR), Tampa (FL), Allentown (PA) and Orlando (FL). The Company intends to elect to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.
City Office REIT, Inc.
SOURCE City Office REIT, Inc.