Douglas Emmett gets $540 million 10-year term loan fixed at 3.25%

By Wendy Van Sickle

Columbus, Ohio, June 10 – Douglas Emmett, Inc. has closed a secured, non-recourse $540 million interest-only loan that will mature in 2029, according to a company news release.

The loan bears interest at Libor plus 98 basis points, which has been fixed at 3.25% per year until 2027 through an interest rate swap.

In connection with the new loan, Douglas Emmett paid off a $145 million loan scheduled to mature in October 2019, a $115 million loan scheduled to mature in December 2025 and the $150 million outstanding balance on its $400 million credit line.

As of May 31, Douglas Emmett had no loan maturities until 2022 and no outstanding floating-rate debt.

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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