Maguire Properties Completes $100 Million Financing

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Maguire Properties Inc. said Tuesday that it completed a $100 million financing, which includes a new mortgage on its Plaza Las Fuentes hotel and retail development in Pasadena.

The financing also paid down $33 million on another loan and extended the maturity on a construction loan until next September at a recently completed office tower in its Park Place complex in Irvine. Maguire signed Hyundai Motor Finance Co. to take space there starting in the second quarter of 2009.

“We are extremely pleased to complete this important transaction, particularly given current market conditions,” said Chief Executive Nelson Rising in a statement.

Plaza Las Fuentes, near Old Town Pasadena, is anchored by the Westin Pasadena Hotel and includes an eight-story office building, shops and restaurants.

Maguire shares, which lost 25 percent of their value in Monday’s market downturn, were up 18 cents, or 3 percent, in Tuesday morning trading on the New York Stock Exchange.

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