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4/29/08
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Maguire Properties, the large embattled REIT led by Rob Maguire, has paid off the existing $200 mil mortgage on its Griffin Towers office property in Orange County, which was set to mature on May 1, 2008. The repayment was funded through the issuance of $180 mil in new debt and $20 mil of cash on hand.
Built in 1987, Griffin Towers is a Class A office complex comprised of two 14-story towers totaling 540k sf, located at the intersection of the 405 and 55 freeways, just off of MacArthur Blvd, in Orange County’s South Coast Metro submarket. The property is connected by a covered granite pedestrian bridge to a six-level parking structure with more than 1,800 spaces.
The new financing on the property consists of $145 mil in new mortgage and mezzanine loans secured by Griffin Towers along with $35 mil in new secured debt issued by Maguire’s operating partnership. With the completion of these new loans, approximately 86% of the Company's outstanding debt is fixed (or swapped to a fixed rate) at a weighted average interest rate of approximately 5.7% on an interest-only basis with a weighted average remaining term of approximately seven years.
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