Los Angeles' landmark tower U.S Bank Tower and the Wells Fargo Tower have been refinanced by two loans totaling $510 million. RBS Greenwich Capital's Real Estate Finance Group made the two loans to Maguire Partners, owner of the buildings. The loans were designed to refinance previous loans on the trophy properties.
"This deal was extremely important to Maguire Properties. By refinancing, Maguire has freed up additional capital to continue growing our real estate portfolio," says Rob Maguire, chairman and co-CEO of Maguire Properties. His company — the largest owner of Class-A office properties in the Los Angeles CBD — recently went public as an office REIT (NYSE: MPG).
RBS Greenwich Capital, collaborating with broker Secured Capital, provided Maguire with a $260 million, 10-year, 4.66% fixed rate loan for the U.S Bank Tower. The Wells Fargo Tower received a $250 million, seven-year, 4.68% fixed-rate loan.
"Maguire Properties is a well-capitalized owner/operator and we are pleased to know that this loan played an integral part in its IPO," says Wayne Brandt, head of RBS Greenwich Capital's Real Estate Finance Group's West Coast arm.