Douglas Emmett locks $325 million five-year loan at 2.35% till 2017

By Susanna Moon

Chicago, May 1 - Douglas Emmett, Inc. said one of its unconsolidated real estate funds, in which Douglas Emmett owns about 69% of the equity, has closed a non-recourse $325 million term loan.

Interest on the loan is Libor plus 175 basis points, but it has been effectively fixed at 2.35% per year until May 1, 2017, according to a company press release.

The new loan is interest-only until it matures on May 1, 2018.

The fund used the proceeds of the loan and $40 million of cash to refinance its outstanding $365 million loan, the release noted.

The real estate investment trust is based in Santa Monica, Calif.

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