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Hudson Pacific Properties Extends $1.1 Billion Loan for Hollywood Portfolio

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Hudson Pacific Properties (HPP) said Friday it extended the $1.1 billion CMBS loan secured by its Hollywood media real estate portfolio with its joint venture partner.

The agreement pushes the maturity date to Nov. 9, 2027 without altering the interest rate or requiring a principal payment at closing, the company said.

The partners will reallocate partnership funds to establish a $20 million leasing reserve at closing to cover future capital requirements, it said. Excess cash flow from the portfolio will be swept into the reserve during the loan term.

The company also entered into a derivative to swap SOFR at 3.50% through the end of the term, Hudson Pacific Properties said.

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