SANTA MONICA, CA-Locally based REIT Douglas Emmett Inc. has refinanced a commercial real estate portfolio of eight medical, retail and office properties in Los Angeles and Honolulu totaling more than one million square feet through Prudential Mortgage Capital Co. for $355 million. The loan is for seven years and bears interest at a fixed rate of 4.14% per year, maturing on Aug. 5, 2018, according to announcements by Emmett and Prudential.
“This loan closing is an important step towards the completion of the debt financing program we announced last year,” stated, Bill Kamer, Emmett CFO, in the company's announcement. "Since September of last year, we have now closed five loan transactions totaling over $2 billion at an average fixed interest rate of 4.16%,” Kamer noted.
The loan was arranged by Prudential Mortgage Capital Co.'s San Francisco-based deal team of principal Frederick van Overbeek and junior associate Andrei Gog. Among the properties that were refinanced is the 100 Wilshire Blvd. office bulding in Santa Monica, a 21-story tower of 247,247 square feet. Situated on Wilshire Blvd. at the intersection of Ocean Avenuei it is considered one of the most prestigious office properties in Southern California.
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“The Westside is a highly desirable area in one of the nation’s most supply-constrained markets," van Overbeek said. "These properties are close to high-end housing and a concentration of dining, retail and entertainment amenities that help drive high occupancy and premium rents." Jordan L. Kaplan, CEO of Douglas Emmett, added: “This market has strong economic characteristics and is one of the premiere locations in the country."
Prudential Mortgage Capital Co., which is the commercial mortgage lending business of Prudential Financial Inc., closed the loan on behalf of its general account.
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