Douglas Emmett Inc. closed on two secured, nonrecourse loans aggregating $520 million in proceeds.
A $220 million interest-only loan matures in December 2023 and is secured by a pool of six office properties. It bears interest at LIBOR plus 1.70%, which has been fixed at 3.62% per annum until December 2021 via an interest rate swap.
The other $300 million interest-only loan matures in January 2024 and is secured by one office property and its associated retail space. It bears interest at LIBOR plus 1.55%, which has been fixed at 3.46% per annum until January 2022 through an interest rate swap.
The company used the loan proceeds and cash on hand to pay off its existing $530 million loan scheduled to mature in August 2018.
Douglas Emmett noted that it has completed the refinancing of all of its debt scheduled to mature in 2016 and 2017, and three-quarters of its debt originally scheduled to mature in 2018.