Douglas Emmett has secured a non-resource credit facility worth $510 million. The real estate investment trust (REIT) will pay a floating interest rate of 4.12% per annum on the loan.
The company, which owns and operates office and multifamily properties in submarkets in Southern California and Hawaii, will use the proceeds from the loan to refinance its existing debt. The seven-year term loan will mature on April 1, 2018.
Click here for the release from Business Wire.