Los Angeles, California – We have Commercial Loans news from Southern California, the Hollywood area. A Commercial Loan that was funded by Commercial Mortgage Lenders helped to refinance a current $37 million commercial mortgage. This new commercial loan that was funded was a five-year term loan. A term loan is normally from a bank (Commercial Mortgage Lender) for a specific amount of funds that has a specified repayment schedule. Most Commercial Term loans usually mature between one and 10 years, a slightly longer period than a Bridge Loan.
Hudson Pacific Properties, Inc. received the Commercial Loan that totaled $92 million. The commercial loan collateral was Sunset Gower and Sunset Bronson media and entertainment campuses. The Commercial Loan bears an interest rate equal to one-month LIBOR plus 350 basis points. Some of the capital that was funded in the amount of $37 million has a unique clause. This portion of the commercial loan is subject to an interest rate swap agreement that swaps one-month LIBOR to a fixed rate of 75 basis points through April 30, 2011. Hudson Pacific Properties, Inc. is also required to hedge at least half of the $92 million Commercial Loan within 30 days of the closing of this mortgage.
Hudson Pacific Properties, Inc. is a full-service, vertically integrated commercial real estate company. Hudson Pacific Properties, Inc. focuses on owning, operating and acquiring high-quality office properties and state-of-the-art media and entertainment properties. Hudson Pacific Properties, Inc. prefers to acquire property in select growth markets, primarily in Northern and Southern California (SoCal). The Sunset Gower is a historic property in the Los Angeles-based entertainment industry since it was built in the 1920s. This commercial loan collateral also served as Columbia Pictures’ corporate headquarters through the year 1972.
The Commercial Loan will have capital used to fully refinance a $37 million commercial loan. That Commercial loan is secured by the Sunset Bronson campus. That Commercial Loan needed to refinanced by Commercial Mortgage Lenders as it was due on April 30, 2011. Hudson Pacific Properties, Inc. will use the remaining funds to pay down on their Corporate Credit Facility. Hudson Pacific Properties, Inc. should be pleased with this commercial loan with an attractive interest rate.
Sunset Bronson Studios, is commercial loan collateral, which is approximately 10.7 acres. This commercial loan collateral is a media and entertainment campus that is situated in the heart of Hollywood, California. The commercial loan collateral is about one block west of the Hollywood 101 Freeway (The 101). The net leased property once served as the original Warner Brothers Studios, and was the property where the first talking film, The Jazz Singer was produced. Currently Sunset Bronson is a mixed-use property, with a full complement of production, post-production and support facilities.
This commercial loan collateral enables its media and entertainment focused net leased tenants to conduct their business in a collaborative and efficient setting. Sunset Bronson is approximately 313,643 square feet, of which 144,109 square feet is dedicated to sound stage facilities, and balance being office and support space. The Commercial mixed-use property is also the home of KTLA, one of the largest independent television stations in Los Angeles. This commercial loan collateral served as the KTLA network’s only home for over 50 years.
The Commercial Loan collateral, Sunset Gower Studios is approximately 15.7 acres. This commercial loan collateral is also a media and entertainment property. This Commercial Real Estate Investment in Southern California is four blocks west of the Hollywood (101) Freeway. The Commercial Loan collateral consists of a huge portion of land, almost a city block. The Commercial Real Estate Investment in Southern California is comprised of approximately 368,207 square feet of office and support space. This commercial loan collateral also has 12 sound stage facilities totaling 175,499 square feet. Also, there are over 1,400 parking spaces to appease the net leased Tenants.
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