Hudson Pacific Properties has secured a $475 million commercial mortgage-backed securities loan to refinance six office properties in key cities including Los Angeles, San Francisco, and Seattle. This five-year loan, led by Goldman Sachs and joined by Morgan Stanley and Wells Fargo, will enable the company to repay existing loans and manage its financial obligations effectively. Despite this financial boost, the company faces challenges such as low occupancy rates in its office and studio properties, as evidenced by recent layoffs at its global tenant, Riot Games, and plans to sell four underperforming buildings.
The financing allows Hudson to pay off a $168 million loan tied to the Sawtelle property, with additional funds aimed at reducing other debt.
Hudson Pacific is facing challenges with declining occupancy rates in office spaces and Hollywood studios, prompting the sale of four buildings to mitigate losses.
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