APhA obtains loan to upgrade its office


APhA has obtained a loan to fund the renovation of its existing building and construction of a new adjacent headquarters. The $112 million deal involves a three-year construction and 10-year permanent loan with Hypo Real Estate Capital Corp. The rate is 125 basis points over LIBOR for half of the construction loan and the other half is a fixed rate of 6.16%. The loan then converts to a permanent one with a rate of 6.23%. The association expects the makeover to be completed by 2009.

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