{"id":1004546821,"date":"2021-01-28T08:42:00","date_gmt":"2021-01-28T16:42:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004546821"},"modified":"2022-12-08T17:12:33","modified_gmt":"2022-12-09T01:12:33","slug":"brookfield-scores-465m-downtown-los-angeles-office-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brookfield-scores-465m-downtown-los-angeles-office-refi\/","title":{"rendered":"Brookfield Scores $465M Downtown Los Angeles Office Refi"},"content":{"rendered":"
\"\"

The Gas Company Tower<\/p><\/div>\n

Brookfield Properties has secured a $465 million CMBS refinancing package for The Gas Company Tower, a 1.3 million-square-foot Class A office high-rise in downtown Los Angeles, The Real Deal<\/em> reported, citing a Moody\u2019s report.<\/p>\n

The financing is structured in two parts. The first, a $350 million loan from Citi Real Estate Funding and Morgan Stanley, carries a variable interest rate over a two-year term. The second is a $115 million mezzanine note from Citi, Morgan Stanley and SBAF Mortgage fund. The transaction is anticipated to finalize on Feb. 5.<\/p>\n

The new loans will replace two notes from 2016 totaling $450 million. The first is a $319 million loan originated by Deutsche Bank, CommercialEdge data shows. The mortgage has a fixed 3.47 percent interest rate and matures in August, according to public records. At the same time, a private lender provided a five-year, $131 million mezzanine loan with a 6.5 percent interest rate.<\/p>\n

Located at 555 W. Fifth St., the LEED Gold-certified tower was completed in 1991. The property has a 14,373-square-foot showroom and 14,157 square feet of retail space. The 50-story building has 25 passenger elevators and a parking ratio of 1 space per 1,000 square feet. Amenities include a banking center, a car wash and concierge services. The tenant roster includes Deloitte, WeWork and Southern California Gas Co.<\/p>\n

Refinancing spree<\/h2>\n

This will be the second property in downtown Los Angeles that Brookfield has refinanced with CMBS loans in the past six months. In September, the company took a $305 million debt package for its 910,610-square-foot Ernst & Young Plaza. The loan matures in October 2022.<\/p>\n

Last June, Bank of America originated a $171 million loan<\/a> for the company\u2019s 386,180-square-foot 1100 Avenue of the Americas in Manhattan. The firm is executing a major capital improvement plan at the property.<\/p>\n

Brookfield came to own The Gas Company Tower after its DTLA Holdings fund acquired MPG Office for $2 billion in 2013. The transaction included seven downtown Los Angeles office buildings encompassing 8.3 million square feet. The company holds a 47 percent stake in the DTLA fund, with several institutional investors owning the remaining 53 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

The loan on the 50-story Gas Company Tower marks the investor’s second CMBS refinance in the city center in the past six months.<\/p>\n","protected":false},"author":867,"featured_media":1004546823,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1594,21742,21747,15],"tags":[33497,42920,35826,32791,32774],"class_list":["post-1004546821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-los-angeles","category-latest","category-office","category-west","tag-brookfield-properties","tag-citigroup","tag-cmbs","tag-deutsche-bank","tag-morgan-stanley"],"acf":[],"yoast_head":"\nBrookfield Scores $465M Downtown Los Angeles Office Refi - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/brookfield-scores-465m-downtown-los-angeles-office-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brookfield Scores $465M Downtown Los Angeles Office Refi\" \/>\n<meta property=\"og:description\" content=\"The loan on the 50-story Gas Company Tower marks the investor's second CMBS refinance in the city center in the past six months.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/brookfield-scores-465m-downtown-los-angeles-office-refi\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-28T16:42:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:12:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/The-Gas-Company-Tower-featured-1-640x510-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"510\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Pavel Cazacu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/brookfield-scores-465m-downtown-los-angeles-office-refi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/brookfield-scores-465m-downtown-los-angeles-office-refi\\\/\"},\"author\":{\"name\":\"Pavel Cazacu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/caac04e9f88552f7c898ba456c2498d8\"},\"headline\":\"Brookfield Scores $465M Downtown Los Angeles Office Refi\",\"datePublished\":\"2021-01-28T16:42:00+00:00\",\"dateModified\":\"2022-12-09T01:12:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/brookfield-scores-465m-downtown-los-angeles-office-refi\\\/\"},\"wordCount\":351,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/brookfield-scores-465m-downtown-los-angeles-office-refi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/08\\\/The-Gas-Company-Tower-featured-1-640x510-1.jpg\",\"keywords\":[\"Brookfield Properties\",\"Citigroup\",\"CMBS\",\"Deutsche Bank\",\"Morgan Stanley\"],\"articleSection\":[\"Finance\",\"Los Angeles\",\"News\",\"Office\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/brookfield-scores-465m-downtown-los-angeles-office-refi\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/brookfield-scores-465m-downtown-los-angeles-office-refi\\\/\",\"name\":\"Brookfield Scores $465M Downtown Los Angeles Office Refi - 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