59
MALVERN, PA. — Liberty Property Trust has closed six mortgages totaling $317 million for various properties. Five mortgages were secured for industrial properties and one for office properties. Approximately one-half of the mortgage proceeds are through 3-year floating rate loans, each of which has two 1-year renewal options. The other half of the mortgage proceeds are through fixed rate, 7-year loans. The weighted average interest rate is approximately 7.1 percent. The financing was secured through several major life insurance companies.