Hudson Pacific Properties (HPP) said Monday it completed a $475 million commercial mortgage-backed securities financing for a portfolio of six office properties located in its West Coast markets.
The loan has a five-year term and an interest rate of 376 basis points over a one-month term secured overnight financing rate, the real estate investment trust said.
Hudson Pacific Properties said it used net proceeds to repay in full a $168 million loan secured by the Element LA asset, with the balance used to repay amounts outstanding on its unsecured revolving credit facility and for other general corporate purposes.
The company's shares were up 2% in recent Monday trading.
Price: 3.03, Change: +0.06, Percent Change: +2.02
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