**Hudson Pacific Secures $475M CMBS Financing for Office Portfolio**
Hudson Pacific Properties, Inc. has announced the successful completion of a $475 million commercial mortgage-backed securities (CMBS) financing secured by a portfolio of six office properties located throughout its key West Coast markets. The portfolio includes 11601 Wilshire, Element LA, 450 Alaskan, 5th & Bell, 275 Brannan, and 1740 Technology.
“This financing provides us with nearly half a billion dollars of gross proceeds to fully repay our Element LA secured loan and outstanding amounts on our credit facility,” said Harout Diramerian, Chief Financial Officer at Hudson Pacific. “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.”
The CMBS loan carries a five-year term with an interest rate of 376 basis points over the one-month Term SOFR. Goldman Sachs served as the lead manager and bookrunner for the deal, with Morgan Stanley and Wells Fargo Securities acting as co-lead managers and joint bookrunners.
Pictured: Element LA.
