Hudson Pacific Secures $475M CMBS on Office Portfolio
Hudson Pacific Properties, Inc. said Monday it completed a $475-million CMBS financing for a portfolio of six office properties. The portfolio, comprising assets located throughout the company’s West Coast markets, includes 11601 Wilshire, Element LA, 450 Alaskan, 5th & Bell, 275 Brannan and 1740 Technology.
“This financing provides us with nearly half a billion dollars of gross proceeds to fully repay our Element LA secured loan and outstanding amounts on our credit facility,” said Harout Diramerian, Hudson Pacific’s CFO. “Along with recent and potential asset sales, we continue to increase liquidity and balance sheet flexibility, putting us at a positive inflection point in our overall strategy to address our remaining maturities in the coming years.”
The loan has a five-year term and an interest rate of 376 basis points over one-month term SOFR. Goldman Sachs served as lead manager and bookrunner, and Morgan Stanley and Wells Fargo Securities served as co-lead managers and joint bookrunners for the CMBS financing.
Pictured: Element LA.
