Maguire Properties Extends Two Debt Maturities
- Oct 02, 2008
Maguire Properties Inc. has announced that it has extended maturities on two construction loans with Guaranty Bank. The combined outstanding balance for the construction loans on 17885 Von Karman in Irvine, Calif., and 2385 Northside Drive in Mission Valley, Calif., prior to extension, totaled $49.1 million. In connection with the respective 18 month extensions, the Company paid down and rebalanced the loans for a combined total of $11.3 million. The new maturity dates are June 2010 and August 2010, respectively. No additional reserves were funded in connection with these loan extensions. Maguire was in the news recently, when CPN reported two large Southern California sales by the firm. One was in the first week of September, when it sold City Plaza– three miles of Disneyland. The 18-story tower–as well as the 607,000-square-foot office complex in Irvine that Maguire sold to Shorenstein Properties L.L.C. for $211 million in late August–became part of Maguire’s portfolio with its $3 billion acquisition of a former Equity Office Properties portfolio totaling 8.1 million square feet in Orange County and Los Angeles from The Blackstone Group in April 2007. Maguire financed the transaction with $2.3 billion in new mortgage financings, a $520 million corporate facility and a $233 million bridge loan.