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LOS ANGELES-The owners of the 700 S. Flower St. office tower and retail project have refinanced the project with a $130 million CMBS loan from the North America Debt Group of GE Real Estate Finance. The 32-story, one-million-sf property, with a 243,000-sf Macy's department store as its retail anchor, is also known as Macy's Plaza and the MCI Tower.
The property owner, 700 South Flower LLC, sought the fixed-rate loan to replace a higher-rate fixed loan, according to Tim Campbell, Regional Director in the North America Debt Group at GE Real Estate. The new financing is for a 10-year term.
The 700 S. Flower development, which is 91% occupied, was built in 1973 and was renovated in 1989. The project occupies an entire city block along with an adjoining Sheraton Hotel, which was not part of the financing. GE Real Estate has focused on lending on high-quality, well-located assets like the Flower Street project as it strengthens its presence in Los Angeles and the West, Campbell says.
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