Hudson Pacific Properties announced Friday that it and its joint venture partner have extended the $1.1 billion CMBS loan secured by the Hollywood Media Portfolio. The extension pushes the loan's maturity to November 9, 2027, with the stated interest rate unchanged and no principal paydown required at closing. As part of the deal, the joint venture will reallocate partnership funds to a $20 million leasing reserve at closing, with excess cash flow from the portfolio swept into the reserve to fund ongoing capital needs over the loan term. Hudson Pacific also entered into a derivative to swap SOFR at 3.50% through maturity, and reported interest expense will include fees and costs tied to the extension and derivative. CFO Harout Diramerian said the extension underscores the company's ability to deliver a positive outcome for shareholders and gives it additional time and flexibility to advance its leasing strategy across the portfolio while managing its broader debt maturity schedule.
Hudson Pacific Properties IncHudson Pacific extended its $1.1B Hollywood Media Portfolio CMBS loan to November 2027 with no principal paydown, easing its debt maturity schedule.
