Douglas Emmett, Inc. (NYSE:DEI), a real estate investment trust (REIT), announced that it has closed on two loans totaling $520 million in proceeds.  Douglas Emmett used the proceeds from these loans, plus cash on hand, to pay off its existing $530 million loan scheduled to mature in August 2018. 

The first loan is a secured, non-recourse $220 million interest only loan that matures in December 2023.  The loan bears interest at Libor plus 1.70%, which has been fixed at 3.62% per annum until December 2021 through an interest rate swap.  The loan is secured by a pool of six office properties. 

The second loan is a secured, non-recourse $300 million interest only loan that matures in January 2024.  The loan bears interest at Libor plus 1.55%, which has been fixed at 3.46% per annum until January 2022 through an interest rate swap.  The loan is secured by a single office property and its associated retail space.    

Douglas Emmett has completed the refinancing of all of its debt scheduled to mature in 2016 and 2017, and three quarters of its debt originally scheduled to mature in 2018.