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Blackstone and LBA Realty to close $270M CMBS refi for One Culver
The refinancing is expected to retire $310 million of prior debt and fund $5.8 million in closing costs, while retaining $248.1 million in equity at closing.
Blackstone and LBA Realty are set to close a $270 million CMBS refinancing for One Culver, an eight-story office building in Culver City, according to ConnectCRE.
ConnectCRE reports the property totals 378,377 square feet and is located near Apple’s 536,000-square-foot office building, with Nomura Holdings originating the loan.
Commercial Search estimates the CMBS loan proceeds will retire $310 million of existing debt and include $5.8 million in closing costs, with $248.1 million in equity expected to remain at closing.
ConnectCRE adds that Blackstone holds a 90 percent stake in One Culver, and notes the firms joined through a $500 million recapitalization in 2022, after LBA acquired the 1986-completed asset for $159 million.