Hudson Pacific Properties has completed CMBS financing for a portfolio of six office properties with total gross proceeds of $475 million.
The portfolio, which comprises assets located throughout the company’s West Coast markets, includes 11601 Wilshire, Element LA, 450 Alaskan, 5th & Bell, 275 Brannan and 1740 Technology.
“Along with recent and potential asset sales, we continue to increase liquidity and balance sheet flexibility, putting us at a positive inflection point in our overall strategy to address our remaining maturities in the coming years,” said Harout Diramerian, Hudson Pacific’s CFO.
The loan has a five-year term — comprising a two-year initial term plus three one-year extension options — and an interest rate of 376 basis points over one-month term SOFR. The company used net proceeds to fully repay a $168 million loan secured by Element LA with the balance used to repay amounts outstanding on the company’s unsecured revolving cre
