MPG Office Trust (MPG) Moves Higher Following ReFi, Sale of SoCal Properties
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MPG Office Trust, Inc. (NYSE: MPG), shares ripped higher this morning, following a few announcements from the company late yesterday.
MPG completed refinancing of the mortgage loan secured by One California Plaza, located in Downtown Los Angeles, with an up to $160 million mortgage loan facility. One California Plaza is owned by a joint venture between MPG and Charter Hall Office REIT. MPG has a 20% interest in the joint venture.
The Facility consists of a $140 million mortgage loan, which bears interest at a fixed rate of 4.775 percent, and an up to $20 million mortgage loan, which bears interest at a floating rate equal to one month LIBOR plus 3.0 percent (with a 4.0 percent floor).
Also, MPG completed the disposition of 2600 Michelson in Orange County, California in cooperation with the special servicer on the mortgage loan. As a result of the disposition, we were relieved of the obligation to repay the $110 million mortgage loan secured by the property as well as contractual and default interest.
The stock is up nearly 9 percent on the session.
MPG completed refinancing of the mortgage loan secured by One California Plaza, located in Downtown Los Angeles, with an up to $160 million mortgage loan facility. One California Plaza is owned by a joint venture between MPG and Charter Hall Office REIT. MPG has a 20% interest in the joint venture.
The Facility consists of a $140 million mortgage loan, which bears interest at a fixed rate of 4.775 percent, and an up to $20 million mortgage loan, which bears interest at a floating rate equal to one month LIBOR plus 3.0 percent (with a 4.0 percent floor).
Also, MPG completed the disposition of 2600 Michelson in Orange County, California in cooperation with the special servicer on the mortgage loan. As a result of the disposition, we were relieved of the obligation to repay the $110 million mortgage loan secured by the property as well as contractual and default interest.
The stock is up nearly 9 percent on the session.
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