Commercial Property
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Maguire sells 3161 Michelson, continued ...
Maguire released the following this morning, citing that the deal will
enable them to increase cash flow by eliminating the project’s negative
cash flow. The deal will also:
- Eliminate the project-level debt that was scheduled to mature in September 2009
- Eliminate a New Century master lease obligation with a potential exposure of up to approximately $16 million
- Eliminate a $24 million principal repayment guaranty
- Eliminate a master lease parking obligation with a potential exposure of up to approximately $50 million
- Release a 1,380 space parking structure from the encumbrance of the existing mortgage
In
a prepared statement, Nelson C. Rising, president and chief
executive officer, said, “We are pleased to close this important
transaction, which eliminates our entire obligation under the project
loan and significant master lease obligations. The company remains
focused on addressing its near-term debt maturities, liquidity issues
and improving the occupancy level of our portfolio.”
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Related headlines
'OC METRO Minute,' June 11: South Coast Plaza buildings receive LEED gold rating
Affordable rental project in Irvine set to open in July
Irvine-based Trumark Cos. launches homebuilding firm
Maguire sells 3161 Michelson, continued ...
Maguire released the following this morning, citing that the deal will
enable them to increase cash flow by eliminating the project’s negative
cash flow. The deal will also:- Eliminate the project-level debt that was scheduled to mature in September 2009
- Eliminate a New Century master lease obligation with a potential exposure of up to approximately $16 million
- Eliminate a $24 million principal repayment guaranty
- Eliminate a master lease parking obligation with a potential exposure of up to approximately $50 million
- Release a 1,380 space parking structure from the encumbrance of the existing mortgage
In a prepared statement, Nelson C. Rising, president and chief executive officer, said, “We are pleased to close this important transaction, which eliminates our entire obligation under the project loan and significant master lease obligations. The company remains focused on addressing its near-term debt maturities, liquidity issues and improving the occupancy level of our portfolio.”
<< PREVIOUS PAGE
Related headlines
'OC METRO Minute,' June 11: South Coast Plaza buildings receive LEED gold rating
Affordable rental project in Irvine set to open in July
Irvine-based Trumark Cos. launches homebuilding firm
