Hudson Pacific Extends $1.1B Hollywood Loan to 2027, Adds $20M Leasing Reserve
HPP has more than doubled off its 52-week low of $5.26.
Summary
Hudson Pacific and its JV partner extended the $1.1B CMBS loan on the Hollywood Media Portfolio to November 9, 2027, with no principal paydown and unchanged interest rate. The deal includes a $20M leasing reserve funded at closing and a SOFR swap at 3.50% through maturity. This removes a major near-term maturity overhang and gives the company time to lease up the 2.2M sq ft portfolio. The extension follows a 30-day bridge reported in the August 10-Q, so this is the definitive long-term solution. Watch for leasing progress on the studio and office assets, which will determine whether the reserve is sufficient.
At the time of this announcement, HPP was trading at $11.91 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $659.1M. The 52-week trading range was $5.26 to $21.07. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: BusinessWire.