DTLA’s City National Plaza Refinanced for $550M
City National Plaza, an iconic two-tower office complex in DTLA, has been refinanced. The 2.5-million-square-foot property owned by CommonWealth Partners and JV partner CalPERS secured $550 million from Morgan Stanley and Goldman Sachs Group Inc.
In a CMBS transaction reportedly closed May 19, the 10-year, interest-only loan is made up of $330 million of senior trust notes and $220 million in nontrust notes, according to credit rating agency Fitch Ratings Inc.
The pair of 52-story buildings are located at 515. S. Flower and 555 S. Flower in the Financial District. City National Plaza was built in 1971 and renovated in 2018. CommonWealth has completed roughly $193 million in capital improvements to the property since acquiring it in 2013.
Eastdil Secured‘s Philip McKnight, Mark Williams and Greg Stampley represented the borrower in the transaction.
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