|HFF Arranges $124.9 Million Refinancing for Four-Property Office Portfolio in Los Angeles|
LOS ANGELES, Nov 07, 2011 (BUSINESS WIRE) --
HFF announced today that it has arranged a senior and mezzanine loan totaling $124.9 million for four office buildings totaling 543,162 square feet in Burbank and Los Angeles, California.
HFF worked on behalf of international real estate investment and services company Kennedy Wilson (NYSE: KW) to secure the $104.9 million senior loan through GE Capital Real Estate and the $20 million mezzanine loan through an institutional investment advisor. The loans have three-year terms. Proceeds refinanced debt used to acquire the portfolio in 2007.
The properties within the portfolio are: 303 and 333 North Glenoaks Boulevard and 300 East Magnolia Boulevard in downtown Burbank, and 6100 Wilshire Boulevard in Los Angeles. Tenants in the 84 percent leased portfolio include Turner Broadcasting, MTV Networks, Rich Crest Animation, the University of Redlands and the Department of Justice.
The HFF team representing Kennedy Wilson was led by senior managing director Paul Brindley and managing director Mark Wintner.
Holliday Fenoglio Fowler, LP ("HFF") and HFF Securities LP ("HFFS") are owned by HFF, Inc. (NYSE: HF). HFF operates out of 19 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. www.hfflp.com.