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PNC Real Estate Leads Large Four-Bank Syndication
A large syndicated deal came together on a tight deadline to refinance Douglas Emmett’s bridge loan for five desirable West Los Angeles office properties. PNC Real Estate led the syndication that involved three other banks.
Douglas Emmett, a Real Estate Investment Trust (REIT), owns and operates approximately 18.4 million square feet of high-profile office space and 3,380 luxury apartment units in the premier coastal submarkets of Los Angeles and Honolulu (as of fourth quarter 2017).
When Douglas Emmett wanted to refinance the bridge loan they had used to purchase the properties, they turned to PNC due to an 18-year relationship and a long history of successful deals. As part of the financing, the client requested a $100 million accordion to acquire more properties and an interest rate swap to fix the all-in interest rate. As the end of the year deadline approached, the PNC team rolled up its sleeves and delivered the closing on December 19, 2017.
“PNC Real Estate has been delivering strong relationship level service and financing to Douglas Emmett for 18 years — they walk their talk and they find solutions,” says Jordan Kaplan, President and CEO of Douglas Emmett. “PNC did a great job managing the bank group and accommodating our custom needs. We are proud to be a client of PNC and appreciate closing another important financing.”
Date: December 2017
Location: Los Angeles County, California
Financing Amount: $400 million; PNC hold: $100 million
Financing Type: Syndicated senior secured term loan with interest rate swap
Scope: Loan is secured by five office buildings with 952,504 rentable square feet
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