Dividend Capital Diversified Property Fund Secures $146.6 Million in Financing

Dividend Capital Diversified Property Fund Inc., a daily NAV real estate investment trust (NASDAQ: ZDPFAX; ZDPFEX; ZDPFIX; ZDPFWX), closed on a $146.6 million floating rate non-amortizing loan with New York Life Insurance Company secured by 3 Second Street, a class A multi-tenant office building located in Jersey City, New Jersey.

The loan has an initial term of three years, with two one-year extensions. The deal was structured to advance $127 million upon closing plus another $19.6 million of loan advances over the next three years for leasing and improvements. The proceeds were used to pay off a $110 million mortgage note secured by three retail properties prior to its scheduled maturity date.

Built in 2002, 3 Second Street – formerly known as Harborside, is a 20-story building totaling 577,500 square feet. The fund acquired the property in June 2010 and recently completed renovations on the main and north lobbies in October 2016.

Dividend Capital Diversified Property Fund, based in Denver, Colorado, invests in a diversified portfolio of commercial real estate assets. The company went effective in January 2006 and has raised more than $2 billion in investor equity since inception. DPF owned 55 properties totaling approximately 9 million square feet in 20 geographic markets as of September 30, 2016.

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