SANTA MONICA, CA—Los Angeles-based REIT Douglas Emmett, Inc. has closed a secured, non-recourse $400 million interest only loan that will mature in November 2022.
Douglas Emmett is using approximately $254 million of the proceeds to pay down the outstanding balance of its existing $510 million loan due April 2, 2018.
The new loan bears interest at a floating rate of Libor plus 1.35% which has been fixed at 2.64% per annum until November 2020 through an interest rate swap. The new loan is secured by a pool of seven of Douglas Emmett's office properties.
Douglas Emmett, Inc. (DEI) is a fully integrated, self-administered and self-managed real estate investment trust (REIT), and one of the largest owners and operators of high-quality office and multifamily properties located in the premier coastal submarkets of Los Angeles and Honolulu. Douglas Emmett focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
