SANTA MONICA, CA - Douglas Emmett, Inc, a real estate investment trust (REIT), announced that it has obtained ten-year term loans totaling $388,080,000 that are cross-collateralized and bear interest at a floating rate equal to one-month LIBOR plus 165 basis points. Additionally, the Company has entered into interest rate swap contracts that effectively fix the interest rate at approximately 3.65% for seven years expiring on November 1, 2017. The loans mature on November 1, 2020.
Source: Douglas Emmett, Inc.
The loans are secured by four of the Company's multifamily properties in Brentwood and Santa Monica. The loan proceeds fully repaid four existing loans totaling $388,080,000, which were scheduled to mature on June 1, 2012. In conjunction with the repayment of the existing loans, the Company has terminated existing interest rate swap contracts for net cash payments totaling approximately $11.9 million.
Douglas Emmett, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT), and one of the largest owners and operators of high-quality office and multifamily properties located in premier submarkets in Southern California and Hawaii. The Company's properties are concentrated in ten submarkets - Brentwood, Olympic Corridor, Century City, Santa Monica, Beverly Hills, Westwood, Sherman Oaks/Encino, Warner Center/Woodland Hills, Burbank and Honolulu. The Company focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities.