Brentwood-based Hudson Pacific Properties Inc. and New York-based Blackstone Group Inc. have received a $1.1 billion loan for their Hollywood portfolio.

The loan will refinance $900 million of previous debt on the portfolio, according to a report from Fitch Ratings Inc. The previous debt was secured last year to recapitalize the portfolio.

In addition to refinancing the old loan, $69.8 million will be for earnout reserves to account for letters of intent from three tenants. The tenants will take a combined 106,660 square feet, according to Fitch Ratings.
The loan also consists of $31.4 million in upfront reserves to cover tenant improvements for recent leases, closing costs of $15.3 million and $81.7 million of cash equity.  

The money is being provided by Bank of America Corp., Barclays, Wells Fargo & Co. and Société Générale.

Last year, Blackstone purchased a 49% interest in Hudson Pacific’s Hollywood Media Portfolio. The deal valued the portfolio, which consists of Sunset Gower Studios, Sunset Bronson Studios and Sunset Las Palmas Studios, at $1.7 billion.

That portfolio is growing.
 
Earlier this summer, Hudson Pacific and Blackstone announced plans to create their first Sunset Studios outside the United States with a studio in the United Kingdom, 17 miles north of central London. The total investment for the project is expected to be more than £700 million, or $1 billion.

That announcement came on the heels of plans for Sunset Glenoaks Studios, a new 10-acre studio in Sun Valley that will be part of the Sunset portfolio.

The Sun Valley project will cost $170 million to $190 million to develop. It is expected to be finished in 2023 and have seven soundstages, support space, a mill and parking. It will also have a virtual stage.
Hudson Pacific and Blackstone have also announced plans to nearly double the size of historic Sunset Gower Studios.

The companies plan to add roughly 480,000 square feet to the historic property with two soundstages, a high-rise office tower and a low-rise building used for office and production support staff.

The studios, which are more than a century old, already have more than 530,000 square feet of production and support space and 12 soundstages.