therealdeal.com
7 months agoLA real estate
Douglas Emmett Takes Out Construction Debt on Barrington Plaza
Real estate investment trust Douglas Emmett has secured a $550 million loan package backed by a portfolio of properties, including the embattled Barrington Plaza in West Los Angeles.
Last year, Douglas Emmett evicted tenants from Barrington Plaza, impacting over 700 affordable units, citing the need for fire sprinkler installation.
The loan is a floating-rate loan that will mature in 2027, with an interest rate based on the secured overnight financing rate plus 1.48 percent. [ more ]