Wakefield, Mass-based FSP 50 South Tenth Street Corp., which owns and operates the 12-story, 498,768 square foot multi-tenant office and retail building at 50 South Tenth Street in downtown Minneapolis, MN, has entered into a new, $106.2 million secured credit facility.

The Loan was structured as a purchase by Bank of America and RBS Citizens of FSP 50 South Tenth Street Corp.’s existing loan of the same amount from Franklin Street Properties Corp.

FSP executed and delivered an Amended and Restated Promissory Note to BofA in the principal amount of $60 million and an Amended and Restated Promissory Note to RBS Citizens in the principal amount of $46.2 million. BofA is the Loan’s administrative agent and Merrill Lynch, Pierce, Fenner & Smith Incorporated is the Loan’s sole lead arranger and sole book manager.

FSP 50 South Tenth Street Corp. is obligated to pay interest only on the outstanding principal amount of the Loan at a variable rate equal to LIBOR plus 2.00%. The outstanding principal amount of the Loan, together with any accrued but unpaid interest, is due and payable on July 27, 2017. Subject to payment by the Corporation of certain yield maintenance and redeployment costs, the Loan may be prepaid in whole or in part at any time. Any partial payment must be in an amount at least equal to $100,000.

Although the interest rate on the Loan is variable, under the Loan Agreement the Corporation is required to fix the interest rate by entering into an interest rate swap agreement with BofA. Accordingly, on July 27, 2012, the Corporation entered into an ISDA Master Agreement with BofA that fixes the interest rate on the Loan at 2.87% per annum.