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Mission West Closes $115M Refinancing

SAN FRANCISCO-The new loan is secured by more addresses than the $111-million loan it's paying off.

By Brian K. Miller | Updated on October 08, 2008

SAN FRANCISCO-Mission West Properties Inc. said Wednesday it has closed on a $115-million financing from Hartford Insurance Co. secured by 1.6 million sf of properties in the Bay Area. The new 10-year loan has a 6.21% fixed annual interest rate and a 20-year amortization.

All but a few million of the proceeds will be used to pay off what is now a $111-million loan from Prudential Insurance that carries an interest rate of 6.56% and was to mature next week. The new loan appears to be secured by more and somewhat different square footage than the loan being paid off. Mission West CEO Carl Berg did not return a Wednesday phone call seeking comment.

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