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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