Brandywine Realty Trust has completed the 30th Street Post Office and Cira South Garage projects and has received USD256.5m of gross proceeds from a loan financing provided by an affiliate of CTL Capital that had been escrowed pending completion.

The 30th Street Post Office project in Philadelphia, Pennsylvania is a USD252m historic rehabilitation of an 862,692 square foot office building which is 100 per cent leased to the Internal Revenue Service for a 20-year term.

The USD90m Cira South Garage project is located across the street from the 30th Street Post Office and consists of a 1,662-car parking structure and 9,788 square feet of retail space which is 93.2 per cent leased overall.

The IRS has accepted possession of the leased premises and will begin moving its approximately 5,000 employees into the property beginning next week.

The financing encompasses individual project loans of USD209,700,000 on the Post Office and USD46,800,000 on the Garage. The loans bear interest at 5.93 per cent with interest-only through 10 September 2010 following which they will amortise monthly over a 20-year period beginning with the 10 October debt service payment. The loans are non-recourse and are secured by mortgages on the Post Office and Garage.

"We are extremely pleased to complete the USD342m 30th Street Post Office and Cira South Garage projects on time and under budget and to close this previously announced financing. We anticipate receipt of a LEED silver rating during 2011 and want to thank the GSA, Internal Revenue Service, Keating Development Company, Keating Building Company, the entire development team and the Philadelphia trades who worked in tandem on this historic project," says Gerard H. Sweeney, president and chief executive officer of Brandywine Realty Trust. "The completion of this project enhances the economic growth of the University City sub-market and restores an important piece of Philadelphia's architectural history."