Kilroy Realty obtains 11-year $375 million loan via New York Life

By Wendy Van Sickle

Columbus, Ohio, July 31 – Kilroy Realty Corp. operating partnership Kilroy Realty, LP obtained an 11-year, non-recourse secured loan for $375 million provided by New York Life Insurance Co., according to a news release.

The loan bears interest at a fixed rate of 5.9% on an interest-only basis and matures on Aug. 10, 2034.

The loan is secured by the portion of the company’s One Paseo campus that is on 23 acres. One Paseo is a world-class, mixed-use campus that spans across 36 acres located in San Diego’s vibrant submarket of Del Mar.

The company intends to use proceeds from the loan for general corporate purposes, including funding development and reserving funds to address its December 2024 unsecured bond maturity.

Kilroy’s debt capitalization has an average duration of approximately six years and a well staggered maturity with an average of approximately 6% coming due each year for the next three years.

Kilroy is a real estate investment trust based in Los Angeles.

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