July 21, 2016
Singapore-based Manulife US Real Estate Investment Trust entered into separate loan agreements with Wells Fargo Bank, National Association and Royal Bank of Canada totaling $296 million, as well as an additional $31.8 million for capital expenditures and leasing costs.
The new loans will be used to repay Manulife’s current bridge loans from John Hancock Life Insurance Company for partially financing the acquisition of an IPO Portfolio in May, and effectively lowers its weighted average interest rate from 2.80% to 2.46%.
The first pure-play U.S. office REIT’s initial portfolio includes three office properties, totaling 1.8 million square feet in California and Georgia. They include The Michelson in Irvine, CA valued at $324 million; 865 S. Figueroa St., in Los Angeles valued at $296 million; and 1100 Peachtree in Atlanta valued at $179 million.
For comments, questions or concerns, please contact Dennis Kaiser