HERZLIYA, Israel, April 28, 2021 /PRNewswire/ — Optibase Ltd. (NASDAQ: OBAS), the Company or Optibase, is pleased to announce that CROWN TWO PENN CENTER ASSOCIATES LIMITED PARTNERSHIP, a Pennsylvania limited partnership which is 22.16% indirectly owned by the Company recently refinanced a commercial office building in Philadelphia, known as Two Penn Center Plaza (the “Property”).
Under the refinancing, the existing loan on the Property with an outstanding principal balance of approximately $44 million, was replaced with a new loan with a principal amount of $67.9 million. As a result of the refinancing, CROWN TWO PENN CENTER ASSOCIATES LIMITED PARTNERSHIP generated excess cash, of which our share is approximately $5 million. Optibase was informed that CROWN TWO PENN CENTER ASSOCIATES LIMITED PARTNERSHIP will make a distribution of $2 million out of the said $5 million in the upcoming weeks.
Optibase invests in the fixed-income real estate field and currently holds interests in real estate properties in Switzerland, Texas, Philadelphia, PA, Miami, FL, and in Chicago, IL, USA and is currently looking for additional real estate investment opportunities. Optibase was previously engaged in the field of digital video technologies until the sale of its video solutions business to Optibase Technologies Ltd., a wholly owned subsidiary of VITEC Multimedia in July 2010. For further information, please visit www.optibase-holdings.com.
This press release…