Regions West
Oct 1, 2008
By: Barbra Murray, Contributing Editor
Maguire Properties Inc. has wrapped up $100 million in financing secured by Plaza Las Fuentes, the company's office and hotel property at 135 N. Los Robles Dr. in Pasadena, Calif., about 10 miles northeast of Downtown Los Angeles.
Maguire announced in June that it was in talks with EuroHypo Bank to secure a short-term variable rate loan on the complex. Borrowing on Las Fuentes is part of the company's strategy for increasing liquidity, which includes the disposition of certain office assets in Orange County.
Plaza Las Fuentes, originally developed in 1989 and expanded in 2001, consists of an eight-story office structure encompassing 193,000 square feet and the 350-room Westin Pasadena Hotel.
A portion of the proceeds from the financing deal was applied toward extending the maturity of Maguire's construction loan at the 530,000-square-foot 3161 Michelson office tower in the Park Place project in Irvine. In association with the extension transaction, the company paid down $33 million of the construction loan, increased the tenant improvement cache by $7.5 million, and funded a $12.6 million cash collateralized letter of credit that the lender can use as a resource to further amortize loan principal.
Maguire has also made progress in the part of its debt reduction program that involves Orange County office dispositions. In early September, the company revealed it had wrapped up the sale of the 324,000-square-foot City Plaza to Hudson Capital L.L.C., and the $211 million sale of the 607,000-square-foot Main Plaza to Shorenstein Properties L.L.C.
Maguire had come into possession of both office assets with the acquisition of an 8.1 million-square-foot former Equity Office Properties Portfolio containing 24 office properties and 11 development sites from Blackstone Real Estate Advisors for nearly $3 billion in April 2007. The gargantuan purchase, however, was soon followed by financial problems for Maguire, which announced the formation of a special committee to consider strategic alternatives in December 2007.
Maguire owns and operates office properties in Southern California. The public REIT is the largest owner of Class A office buildings in the Los Angeles Central Business District, with approximately 9.1 million square feet at eight properties.
By: Barbra Murray, Contributing Editor
Maguire Properties Inc. has wrapped up $100 million in financing secured by Plaza Las Fuentes, the company's office and hotel property at 135 N. Los Robles Dr. in Pasadena, Calif., about 10 miles northeast of Downtown Los Angeles.
Maguire announced in June that it was in talks with EuroHypo Bank to secure a short-term variable rate loan on the complex. Borrowing on Las Fuentes is part of the company's strategy for increasing liquidity, which includes the disposition of certain office assets in Orange County.
Plaza Las Fuentes, originally developed in 1989 and expanded in 2001, consists of an eight-story office structure encompassing 193,000 square feet and the 350-room Westin Pasadena Hotel.
A portion of the proceeds from the financing deal was applied toward extending the maturity of Maguire's construction loan at the 530,000-square-foot 3161 Michelson office tower in the Park Place project in Irvine. In association with the extension transaction, the company paid down $33 million of the construction loan, increased the tenant improvement cache by $7.5 million, and funded a $12.6 million cash collateralized letter of credit that the lender can use as a resource to further amortize loan principal.
Maguire has also made progress in the part of its debt reduction program that involves Orange County office dispositions. In early September, the company revealed it had wrapped up the sale of the 324,000-square-foot City Plaza to Hudson Capital L.L.C., and the $211 million sale of the 607,000-square-foot Main Plaza to Shorenstein Properties L.L.C.
Maguire had come into possession of both office assets with the acquisition of an 8.1 million-square-foot former Equity Office Properties Portfolio containing 24 office properties and 11 development sites from Blackstone Real Estate Advisors for nearly $3 billion in April 2007. The gargantuan purchase, however, was soon followed by financial problems for Maguire, which announced the formation of a special committee to consider strategic alternatives in December 2007.
Maguire owns and operates office properties in Southern California. The public REIT is the largest owner of Class A office buildings in the Los Angeles Central Business District, with approximately 9.1 million square feet at eight properties.
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