Commercial real estate giant Normandy Real Estate Partners recently announced its recapitalization of 10 Universal City Plaza for $355 million.
The deal was completed in a partnership with Morgan Stanley Real Estate Investing, according to the release. Overall, the building, which is the home of NBCUniversal, will have its debt refinanced to the tune of $294.5 million, not including new debt from third parties.
"Following closely on our renewal of the long-term lease with the building's largest tenant, NBCUniversal, our partnership with MSREI and this recapitalization solidify our ongoing commitment to delivering unparalleled value and service for the tenants of 10 UCP," said Jeffrey Gronning, managing principal for Normandy Real Estate Partners.
The building has a total of 427,000 square feet leased to NBCUniversal, which has 12 years left on its lease, the release noted. The two partners received a $200 million loan from both Citigroup Global Markets and JPMorgan Chase.
Normandy currently has control of close to $1 billion in equity, according to the release. This adds up to 15 million square feet of commercial real estate, as well as other hotels and developments.