Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BREA, CA-Maguire Properties Inc. has extended the maturity on the mortgage at its 535,0000-square-foot Brea Campus office development to May 2010 in the latest in a series of moves designed to better manage the Los Angeles-based REIT’s debt. The company also has two one-year extensions remaining under the mortgage that allow it to extend the maturity to May 2012.

The Brea Campus mortgage of $109 million is one of a number of debts maturing in 2008 that Maguire has been working to negotiate extensions on, according to remarks by president and CEO Nelson Rising during the REIT’s latest earnings conference call. Following the extension of the Brea Campus loan maturity to May 2010, the company now has debt maturities totaling $239 million in 2009, $594 million in 2010 and $55 million in 2011.

Maguire has been working to reduce and manage its debt since Rising took over as president and CEO earlier this year. Among other actions, the Downtown LA-based office REIT has sold a number of its Orange County assets and placed the remainder on the market, has completed a $100 million refinancing of its Plaza Las Fuentes property in Pasadena and has negotiated extensions on other mortgages.

Rising noted that the REIT extended the mortgage maturity on the Brea property at a time of “lending challenges and uncertain market conditions.” The Brea Campus consists of two six-story buildings and four low-rise buildings on South State College Boulevard.

In addition to the Brea debt, Rising said that Maguire is addressing the rest of the debt that matures in the coming years and has extension options available under some of the loans that would allow it to extend debt maturities from one to three years. If the REIT is successful in exercising all available extension options, its would have no maturities in 2009, $208 million of maturities in 2010 and $373 million of maturities in 2011.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.