Hudson Pacific Properties completed a commercial mortgage-backed securities (CMBS) financing, generating $475 million in gross proceeds. This financing is collateralized by a portfolio of six office properties across the company’s West Coast markets.
The new loan features a five-year term, comprising a two-year initial term and three one-year extension options, with an interest rate of 376 basis points over one-month term SOFR. This structure provides medium-term debt stability.
Net proceeds from the financing were used to fully repay a $168 million loan secured by Element LA and to reduce outstanding amounts on the company’s unsecured revolving credit facility. This action significantly enhances HPP's liquidity.
Following this CMBS loan and the sale of Foothill Research Center, Hudson Pacific Properties reported approximately $815 million of liquidity. This includes $752 million of capacity on its unsecured revolving credit facility and $63 million of cash and cash equivalents, excluding additional capital from the Sunset Pier 94 Studios construction loan.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.