California, Hawaii Properties Receive $355 Million in Financing From Prudential Mortgage Capital Company
Prudential Mortgage Capital Company announced recently that they had closed a $355 million loan for Los Angeles-based REIT Douglas Emmett, Inc., on behalf of Prudential's general account. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).
The loan is a first mortgage secured by a more than 1 million-square-foot portfolio of eight medical, retail and office properties in Los Angeles and Honolulu. The properties include "100 Wilshire" in Santa Monica, Calif. Situated on Wilshire Blvd. at the intersection of Ocean Ave., its sweeping oceanfront views and popular location make the iconic 21-story building one of the most prestigious office properties in Southern California. The loan term is for seven years.
Prudential Mortgage Capital Company's San Francisco-based deal team consisted of Frederick van Overbeek, principal, and Andrei Gog, junior associate.
"The Westside is a highly desirable area in one of the nation's most supply-constrained markets. These properties are in close proximity to high-end housing and a concentration of dining, retail and entertainment amenities that help drive high occupancy and premium rents," van Overbeek said. "We are very proud to reinvigorate Prudential's long-standing relationship with Douglas Emmett, a leading owner and operator of high-quality properties in Westside Los Angeles and Honolulu, and we look forward to continuing our mutually beneficial relationship."
Jordan L. Kaplan, CEO of Douglas Emmett,Inc. said, "This market has strong economic characteristics and is one of the premiere locations in the country. This loan transaction is a perfect fit with our overall financing strategy and Prudential Mortgage Capital Company helped make it happen with its flexible and relationship-oriented approach."
Added William Kamer, chief financial officer of Douglas Emmet, Inc., "Part of choosing a financing partner is seeking a lender that is consistent and reliable and can provide superior quality service not only at closing but throughout the loan term. Prudential Mortgage Capital Company is that partner."
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $65.6 billion in assets under management and administration as of March 31, 2011.