05:32 PM EDT, 05/16/2024 (MT Newswires) -- Logistic Properties of The Americas ( LPA ) said Thursday it is refinancing $120 million of its mortgage loans related to its logistics parks in Costa Rica and Peru.

The company said it agreed to a new $60 million 15-year mortgage loan for the La Verbena Logistics Park in Costa Rica with Banco BAC San Jose. The loan's proceeds were used to repay an earlier $48.05 million 10-year mortgage loan.

It also agreed to a $60 million 10-year mortgage loan for the Lima Sur Logistics Park in Peru with Banco BBVA Peru, according to the company.

Logistic Properties said the new loan is distributed in tranches of $48.7 million with an interest rate of 8.4% and $11.3 million at 8.5%.

Proceeds from the larger tranche would be used to repay a $44 million loan from the International Finance Corporation, while the smaller tranche would be set aside to reinvest in and grow the property portfolio, the company added.