Office and apartment REIT Douglas Emmett, Inc. said Monday it had obtained a total of $941 million in new loans covering eight residential properties. The new secured, non-recourse, interest-only loans mature in September 2030 and bear interest at a fixed rate of 4.80%. The Santa Monica-based REIT did not identify individual properties covered by the loans, loan amounts for the individual properties or the lenders.
The new loans replace four loans aggregating $550 million that were scheduled to mature June 1, 2027, and five loans aggregating $380 million that were scheduled to mature June 1, 2029.
The debt encumbering The Landmark Residences (formerly Barrington Plaza) in Brentwood has been repaid and the property has been added to the company’s pool of unencumbered assets, Douglas Emmett said. The company said it has no loan maturities in 2025 and is actively working to refinance its remaining 2026 loan maturities.
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