Emmett Refinances 1M SF for $355M

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.