Hudson Pacific Properties successfully refinanced the loan secured by 1918 Eighth, a 668,000-square-foot Class A office tower in Seattle. The new loan is for $285 million.
The new financing is a five-year, interest-only loan with a fixed rate of 6.16%, maturing in August 2030. This replaces the prior $314.3 million loan that was scheduled to mature in December 2025.
Hudson Pacific, which holds a 55% interest in 1918 Eighth, used its share of the net proceeds to repay the maturing debt. This transaction addresses all of the company's 2025 debt maturities.
CFO Harout Diramerian highlighted that this refinancing underscores the quality of HPP's portfolio and its ability to execute in a selective credit environment. It positions the company to support leasing efforts amid West Coast office and entertainment industry recoveries.
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