CB Richard Ellis Group Inc., the world’s largest commercial property brokerage, borrowed $450 million Thursday at a steep interest rate as part of the firm’s effort to stay solvent in the most punishing real estate market in decades.
The Los Angeles-based company raised the money by selling new bonds. It is using the proceeds, along with $150 million that it raised last week by selling new common stock, to help pay off hundreds of millions of dollars in loans coming due this year and next.
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