At a glance
- RMR arranged a $272.1 million interest-only loan from Morgan Stanley and BNP for two Cedars-Sinai medical office buildings on W. Third St. in Los Angeles.
- The financing carries a two-year initial term and three one-year extension options, which would extend it to five years if the borrower exercises all three, according to our deal log.
- Trepp put the CMBS special servicing rate at 11.49%, the highest since February 2013.
Wells Fargo and J.P. Morgan Chase led a $550 million CMBS refinancing of the 940,000-square-foot Avenue of the Stars campus in Century City. The loan is expected to close Oct. 15 and includes a $219 million distribution to ownership.
RMR arranged a $272.1 million interest-only loan from Morgan Stanley and BNP for two Cedars-Sinai medical office buildings on W. Third St. in Los Angeles. The financing carries a two-year initial term and three one-year extension options, which would extend it to five years if the borrower exercises all three, according to our deal log.
Trepp put the CMBS special servicing rate at 11.49%, the highest since February 2013. Office made up 57% of September's roughly $2.65 billion in new transfers, about $1.5 billion of office loans. The month's list was led by One SoHo Square's $512.8 million loan, which moved to special servicing ahead of an imminent balloon and maturity default, according to Trepp.
Reported by the Fundraising desk from Trepp, JLL and our deal log. Published . Corrections