Douglas Emmett gets $400 million seven-year term loan fixed at 2.64%

By Angela McDaniels

Tacoma, Wash., Oct. 13 – Douglas Emmett, Inc. has closed a secured, non-recourse $400 million interest-only loan that will mature in November 2022, according to a company news release.

The loan bears interest at Libor plus 135 basis points, which has been fixed at 2.64% per year until November 2020 through an interest rate swap.

The new loan is secured by a pool of seven of Douglas Emmett's office properties.

The company will use about $254 million of the proceeds to pay down the outstanding balance of its existing $510 million loan due April 2, 2018.

Douglas Emmett is a real estate investment trust based in Santa Monica, Calif., that owns office and multi-family properties in Los Angeles and Honolulu.

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