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Lexington Realty secures $197.2M mortgage loan against Texas project

LexingtonRealty Trust closed on a $197.2 million non-recourse first mortgageloan secured against its project in Lake Jackson, Texas.

The company acquired 34 acres of land through a build-to-suitarrangement in 2014 to develop a four-building that will be fully leased to TheDow Chemical Co. for a 20-year term. The company expects the project to besubstantially completed in the fourth quarter.

Lexington said it committed to fund up to $166.2 million forthe 664,100-square-foot campus, and has an investment balance of $83.9 millionas at June 30.

The loan has a fixed interest rate of 4.04% and provides fora roughly $11.3 million balloon payment upon maturity in October 2036.

The company said it plans to use the net proceeds forgeneral working capital purposes including build-to-suit funding and payingdown its revolving credit facility.