COMMONWEALTH REALTY <CRTYZ> IN REFINANCING DEAL
Commonwealth Realty Trust said
it has transferred its ownership of six buildings at the Valley
Forge Executive Mall in Valley Forge, Pa., to an equally-owned
joint venture with Pennsylvania Public School Employees'
Retirement System as part of a refinancing.
    The trust said it received five mln dlrs for its half
interest in the buildings.
    It said it also received a 32 to 33 mln dlr eight-year
9.375 pct mortgage loan on the buildings, with the entire
principal payable at the end of the term.  After associated
costs, it said it realized net proceeds of about 20 mln dlrs in
cash on the transactions, 100 mln dlrs of which it will use to
repay debt under its credit lines.
 Reuter
