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LOS ANGELES-Maguire Properties has completed a $550 millionrefinancing of its Wells Fargo Tower in Downtown Los Angeles thatwill provide $225 million in funding toward Maguire's $3 billionpurchase of a portfolio of Southern California office buildingsfrom Equity Office Properties. The new loan on the 1.4-million-sfWells Fargo Tower is a 10-year fixed rate, interest-only financingat a rate of 5.68%.
Maguire will realize net proceeds of the refinancing afterrepayment of an existing $250 million mortgage loan and payment ofdefeasance costs on the Wells Fargo Tower. Closing costs and loanreserves total approximately $290 million in the deal.
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