Hudson Pacific Lands $475M CMBS Financing; note refinances more than 1.4 million square feet of office space

4/1/2025

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CPE

• Subcategory: Capital Markets: Debt, Office: Urban

• Tag: Closing

• Additional Filters-Subcategory: Capital Markets: Debt-CMBS, Office: Garden, Office: Midrise

• Company: Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS), Wells Fargo (NYSE: WFC), Hudson Pacific Properties (NYSE: HPP)

Hudson Pacific Properties has obtained a $475 million CMBS loan for six office properties. The portfolio includes West Coast assets encompassing more than 1.4 million square feet.

The note has a two-year initial term plus three one-year extension options and an interest rate of 376 basis points over one-month term SOFR. The company used net proceeds to pay off a $168 million loan secured by one of the assets, Element LA, and repay balances on its unsecured revolving credit facility.

Goldman Sachs served as lead manager and bookrunner for the CMBS financing, while Morgan Stanley and Wells Fargo Securities served as co-lead managers and joint bookrunners.