SANTA MONICA, CA—Douglas Emmett Inc. says one of its unconsolidated real estate funds, in which Douglas Emmett owns approximately 69% of the equity, has closed a non-recourse $325 million term loan.
The new loan is payable interest only until it matures on May 1, 2018. Although the interest on the loan floats at LIBOR plus 175 basis points, it has been effectively fixed at 2.35% per annum until May 1, 2017. The unconsolidated fund used the proceeds of the loan and $40 million of cash to refinance its outstanding $365 million loan.
Douglas Emmet 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.
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