Wells Fargo and J.P. Morgan Chase lead $550 million Century City CMBS refinancing
The loan is expected to close Oct. 15 and includes a $219 million distribution to ownership.
At a glance
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.
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.
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.
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