Hudson Pacific Properties has secured $475 million in commercial mortgage-backed securities (CMBS) financing for an office portfolio mostly concentrated in California.
The deal covers six assets: Element LA, 450 Alaskan, 5th & Bell, 1740 Technology, 275 Brannan, and 11601 Wilshire. The only West Coast properties not located in California are 450 Alaskan and 5th & Bell, which are both based in Seattle, Washington.
Already, Hudson said that it has 100 percent paid back a $168 million loan that was held by Element LA. Additionally, the proceeds have repaid the remaining amounts on its credit facility and used the rest for other general corporate purposes.
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