PHOENIX-With a loan maturity looming, Younan Properties has refinanced 4041 Younan Plaza, a 20-story, 405,693-square-foot office building located in downtown. The Woodland Hills, CA-based owner obtained the five-year, fixed-rate loan through a new conduit program with Deutsche Bank and used the proceeds to buy out the class A office tower’s largest investor.

“We had a balance sheet loan with a high interest rate that was coming due,” says Zaya S. Younan, chairman and chief executive officer. His firm hired Richard Scandaliato of RKM Capital to find a capital source for the deal.

“We were surprised by the availability and the terms of the CMBS loan,” Younan admits, adding that the new conduit loan provided 70% LTV and an interest rate near 5%. “We did not know CMBS was active because these days you’re not sure of anything. We learned that CMBS is coming back to life, and that a lot of banks are originating and able to package them.”