Document:

EXHIBIT 10.28

["FLEET" LOGO]

DATE:     SEPTEMBER 13, 2002

TO:       MAGUIRE PARTNERS - 355 S. GRAND, LLC ("COUNTERPARTY")
ATTN:     PHILIP [COPY NOT LEGIBLE]
FAX:      213-[COPY NOT LEGIBLE]-5167
PHONE:    213-613-4467

FROM:     FLEET NATIONAL BANK ("FNB")
ATTN:     ROSAMOND H. SULLIVAN, DERIVATIVE CONFIRMATIONS UNIT
FAX:      617-434-4284
PHONE:    617-434-2686

RE:       INTEREST RATE CAP TRANSACTION
          [OUR REF [COPY NOT LEGIBLE]]

The purpose of this letter agreement is to set forth the terms and conditions of
the Interest Rate Cap Transaction entered into between Fleet National Bank
("FNB") and Maguire Partners - 355 S. Grand, LLC ("Counterparty") on the Trade
Date specified below (the "Transaction"). This letter constitutes a
"Confirmation" as referred to in the Master Agreement specified below.

The definitions and provisions contained in the 2000 ISDA Definitions (the
"Definitions"), as published by the International Swaps and Derivatives
Association, Inc. ("ISDA"), are incorporated into this Confirmation. This
Confirmation evidences a complete binding agreement between you and us as to the
terms of the Transaction to which this Confirmation relates. This Confirmation
shall supplement, form a part of, and be subject to an agreement in the form of
the ISDA Master Agreement (Multicurrency-Cross Border) (the "ISDA Form")
published by ISDA as if we had executed an agreement in such form (with a
Schedule thereto which provides that Market Quotation and the Second Method
apply for purposes of Section 6(e) of such agreement) on the Trade Date hereof.
In the event of any inconsistency between this Confirmation and the ISDA Form,
this Confirmation will govern.

1.  The terms of the particular Transaction to which this Confirmation relates
    are as follows:-

Trade Date:                                 September 12, 2002

Effective Date:                             September 13, 2002

Termination Date:                           September 1, 2005, subject to
                                            adjustment in accordance with the
                                            Modified Following Business Day
                                            convention.

Notional Amount:

                   From         To       CCy       Notional
                 09/13/02    09/01/04    USD    232,000,000.00
                 09/01/04    10/01/04    USD    231,776,554.58
                 10/01/04    11/01/04    USD    231,553,109.16
                 11/01/04    12/01/04    USD    231,[COPY NOT LEGIBLE]
                 12/01/04    01/01/05    USD    231,[COPY NOT LEGIBLE]
                 01/01/05    02/01/05    USD    230,882,772.90
                 02/01/05    03/01/05    USD    230,659,327.48
                 03/01/05    04/01/05    USD    230,435,882.06
                 04/01/05    05/01/05    USD    230,212,436.64
                 05/01/05    06/01/05    USD    229,988,991.22

<PAGE>

[FLEET NATIONAL BANK LOGO]

                    06/01/05  07/01/05  USD  229,765,545.80
                    07/01/05  08/01/05  USD  229,542,100.38
                    08/01/05  09/01/05  USD  229,318,654.96

FIXED PAYMENTS:
     Fixed Rate Payer:        Maguire Partners -- 355 S. Grand, LLC

     Fixed Payment:           USD 807,000

     Fixed Rate Payment
     Date:                    September 16, 2002

FLOATING PAYMENTS:
     Floating Rate Payer:     Fleet National Bank

     Cap Rate:                6.00%

     Floating Rate Option:    USD-LIBOR-BBA

     Designated Maturity:     One month

     Spread:                  N/A

     Floating Rate
     Day Count Fraction:      Actual/360

     Floating Rate
     Reset Date:              The first day of each Calculation Period.

     Initial Calculation
     Period:                  From and including the Effective Date, to but
                              excluding October 1, 2002.

     Floating Rate
     Calculation Period:      From and including the 1st of each month to but
                              excluding the 1st of the following month and
                              ending on the Termination Date, subject to no
                              adjustment.

     Floating Rate
     Payment Dates:           The 1st of each month in each year beginning
                              October 1, 2002, and ending on the Termination
                              Date, subject to adjustment in accordance with the
                              Following Business Day convention.

     Payments:                On each Floating Rate Payment Date, the Floating
                              Rate Payer shall pay an amount equal to the
                              product of (a) the positive difference, if any,
                              between (i) the USD-LIBOR-BBA (as adjusted for the
                              Spread, if any) for the immediately preceding
                              Calculation Period and (ii) the Cap Rate, (b) the
                              Notional Amount and (c) the Floating Rate Day
                              Count Fraction.

     Calculation Agent:       FNB

     Business Days:           New York and London

                                       2
<PAGE>
[FLEET LOGO]

Governing Law:                             New York law

2.     Relationship Between Parties

       Each party represents to the other party that:

       (a) NON-RELIANCE.  It is acting for its own account, and it has made its
own independent decisions to enter into this Transaction and as to whether this
Transaction is appropriate or proper for it based upon its own judgment and
upon advice from such advisors as it has deemed necessary. It is not relying on
any communication (written or oral) of the other party as investment advice or
as a recommendation to enter into this Transaction; it being understood that
information and explanations related to the terms and conditions of this
Transaction shall not be considered investment advice or a recommendation to
enter into this Transaction. It has not received from the other party any
assurance or guarantee as to the expected results of this Transaction.

       (b) EVALUATION AND UNDERSTANDING.  It is capable of evaluating and
understanding (on its own behalf or through independent professional advice),
and understands and accepts, the terms, conditions and risks of this
Transaction. It is also capable of assuming, and assumes, the financial and
other risks of this Transaction.

       (c) STATUS OF PARTIES.  The other party is not acting as a fiduciary or
an advisor for it in respect of this Transaction.

       (d) RISK MANAGEMENT.  It has entered into this Transaction for the
purpose of (i) managing its borrowings or investments, (ii) hedging its
underlying assets or liabilities or (iii) in connection with its line of
business.

       (e) It is an "eligible contract participant" as defined in Section 1
[ILLEGIBLE](12) of the Commodity Exchange Act.

3.   CAP ADDENDUM:
       1989 ADDENDA FOR CAPS, COLLARS AND FLOORS AND OPTIONS. Paragraph (4) of
       the 1989 Caps Addenda shall be incorporated into this Agreement as
       follows:

       "Notwithstanding the terms of Sections 5 and 6 of this Agreement, if at
any time and so long as one of the parties to this Agreement ("X") shall have
satisfied in full all its payment and delivery obligations under Section
2(a)(i) of this Agreement and shall at the time have no future payment or
delivery obligations, whether absolute or contingent, under such Section, then
unless the other party ("Y") is required pursuant to appropriate proceedings to
return to X or otherwise returns to X upon demand of X any portion of any such
payment or delivery, (a) the occurrence of an event described in Section 5(a)
of this Agreement with respect to X, any Credit Support Provider of X or any
Specified Entity of X shall not constitute an Event of Default or a Potential
Event of Default with respect to X as the Defaulting Party and (b) Y shall be
entitled to designate an Early Termination Date pursuant to Section 6 of this
Agreement only as a result of the occurrence of a Termination Event set forth
in (i) either Section 5(b)(1) or 5(b)(ii) of this

                                       3
<PAGE>

["FLEET" LOGO]

Agreement with respect to Y as the Affected Party or (ii) Section 5(b)(iii) of
this Agreement with respect to Y as the Burdened Party."

4.  ACKNOWLEDGEMENT

"Fleet National Bank agrees that and Counterparty may transfer its rights and
obligations under this Confirmation, in whole, or in part, to any third party
within the United States, provided that Fleet National Bank gives its prior
written consent, which consent shall not be unreasonably withheld in the event
that:

       (I)  the transferee Affiliate expressly assumes the rights and
obligations of and Counterparty under this Agreement in a writing reasonably
satisfactory to Fleet National Bank;

       (II) by accepting such transfer, the transferee agrees that Fleet
National Bank will not, as a result of such transfer, be required to pay to the
transferee an amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4)
greater than the amount in respect of which Fleet National Bank would have been
required to pay to and Counterparty in the absence of such transfer.

5. ACCOUNT DETAILS:

PAYMENT INSTRUCTIONS FOR FNB:

                  ABA 011000138, ACCOUNT 1026103-29480
                  ATTENTION DERIVATIVES AREA
                  100 FEDERAL STREET, MADE 100-13-11
                  BOSTON, MA 02110

PAYMENT INSTRUCTIONS FOR
COUNTERPARTY:                        PLEASE ADVISE

6. CONTACT INSTRUCTIONS:

FNB:   Cap Desk (Resets/Payments):    Tel:  (617) 434-4308
                                      FAX:  (617) 434-0505
       Confirmations:                 Tel:  (617) 434-2686
                                      FAX:  (617) 434-4284

COUNTERPARTY:                    Phillip [COPY NOT LEGIBLE]
                                 FAX:       213-533-6167
                                 PHONE:     213-613-4467

<PAGE>
["FLEET" LETTERHEAD]

Very truly yours,
FLEET NATIONAL BANK

By: /s/ [COPY NOT LEGIBLE]                        By: /s/ [COPY NOT LEGIBLE]
    --------------------------                        --------------------------
    Name:                                             Name:
    Title:                                            Title:

Agreed and accepted as of the date first above written:
     MAGUIRE PARTNERS-355 S. GRAND, LLC,
     Delaware limited liability company

                         By: MP-355 S. Grand Mezzanine, LLC, a Delaware limited
                             liability company, Sole Member

                             By: Maguire Partners-Bunker Hill, Ltd., a
                                 California limited partnership, Manager

                                 By: Maguire Partners BGHS, LLC, a California
                                     limited liability company, General Partner

                                     By: Maguire Partners SCS, Inc., a
                                         California corporation, Manager

                                         By: /s/ [COPY NOT LEGIBLE]
                                             --------------------------------
                                             Name: [COPY NOT LEGIBLE]
                                             Title: Senior Vice President

PLEASE COUNTERSIGN AND FAX TO: 617-434-4284  ATTN: ROSAMOND H. SULLIVAN
REQUEST CORRECTIONS AT 617-434-[COPY NOT LEGIBLE].
TELEPHONE CALLS MAY BE RECORDED TO ENSURE TRANSACTION ACCURACY.

                                       5[LEHMAN BROTHERS LETTERHEAD]

Date:      March 14, 2001

To:        Maguire Partners-Plaza Las Fuentes, LLC
           c/o Maguire Partners
           355 South Grand Avenue
           Suite 4500
           Los Angeles, CA 90071
           Attention: Mark Lammas
           Telephone: 213-613-4598
           Facsimile: 213-687-4753

CC:        Chatham Financial Corp.
           Attention: Scott Klein
           Telephone: 610-925-3120
           Facsimile: 610-925-3125

From:      Lehman Brothers Derivative Products Inc.
           1 World Financial Center
           New York, NY 10281

           Lorna Brown (Documentation Contact)
           Telephone:  646-836-2008
           Telecopier: 646-836-0634

SUBJECT: CAP TRANSACTION (158758/158645/259663D)

The purpose of this communication is to set forth the terms and conditions of
the cap transaction entered into on the Trade Date referred to below (the "Cap
Transaction"), between Lehman Brothers Derivative Product Inc. ("Party A" or
"we") and Maguire Partners-Plaza Las Fuentes, LLC ("Party B" or "you"). This
communication constitutes a "Confirmation" as referred to in the Cap Agreement
specified below.

Until the Cap Agreement described below is executed, this Confirmation is
subject to and incorporates the terms of the 1992 version of the preprinted
multicurrency cross-border form of Master Agreement published by the
International Swaps and Derivatives Association, Inc. ("ISDA") (the "Master
Agreement"), but without regard to any modifications or elections that the
parties may be entitled to make pursuant to a Schedule attached thereto except
that Market Quotation and Second Method are selected as the means for
calculating Payments on Early Termination as defined in Section 6(e) of the
1992 ISDA Master Agreement. Upon execution by the parties of the Master
Agreement, which the parties hereby agree to enter into as soon as practicably
possible (such Master Agreement, as executed by the parties hereto, including
the Schedule thereto with any related exhibits, being herein referred to as the
"Cap Agreement"), this Confirmation will supplement, form a part of, and be
subject to such Cap Agreement. All provisions contained in, or incorporated by
reference to, the Cap Agreement shall govern this Confirmation except as
expressly modified below. In the event of any inconsistency between the
provisions of that Cap Agreement and this Confirmation, this Confirmation
shall prevail for the purpose of this Cap Transaction. In addition, this
Confirmation shall itself evidence a complete and binding agreement between you
and us as to the terms and conditions of the Cap Transaction to which this
Confirmation relates.

                          [LEHMAN BROTHERS LETTERHEAD]
<PAGE>

Party A and Party B each represents that (i) entering into the Cap Transaction
is authorized and does not violate any laws of its jurisdiction of organization
or residence or the terms of any agreement to which it is a party; (ii) it is
not relying on the other party in connection with its decision to enter into
this Cap Transaction, and neither party is acting as an advisor or fiduciary of
the other party in connection with this Cap Transaction regardless of whether
the other party provides it with market information or its views; (iii) it
understands the risks of the Cap Transaction and any legal, regulatory, tax,
accounting and economic consequences resulting therefrom; and (iv) it has
determined based upon its own judgement and economic consequences resulting
therefrom; and (iv) it has determined based upon its own judgement and upon any
advice received from its own professional advisors as it has deemed necessary
to consult that entering into the Cap Transaction is appropriate for such party
in light of its financial capabilities and objectives.

This Confirmation incorporates the definitions and provisions contained in the
2000 ISDA Definitions as published by the International Swaps and Derivatives
Association, Inc. (the "Definitions"). In the event of any inconsistency
between the Definitions and this Confirmation, this Confirmation will govern.

The terms of the particular Cap Transaction to which this communication relates
are as follows:

Notional Amount:              USD73,000,000

Trade Date:                   March 14, 2001

Effective Date:               March 16, 2001

Termination Date:             May 15, 2004

Cap Rate:                     7.00%

FIXED AMOUNTS

Cap Fixed Rate Payer
(Cap Buyer):                  Party B

Cap Fixed Amount
(Premium):                    USD292,600

Premium Payment Date:         March 16, 2001

FLOATING AMOUNTS

Cap Floating Rate Payer:      Party A

Floating Rate Payer
Calculation Period:           From and including the fifteenth (15th) day of
                              each month to but excluding the fifteenth (15th)
                              day of the following month, beginning with the
                              Effective Date continuing until the Termination
                              Date, with no adjustment for weekends and
                              holidays. The first period is from the Effective
                              Date to May 15, 2001.

                                                                     Page 2 of 4
<PAGE>

Floating Rate Payer
Payment Dates:                              The ninth (9th) of each month,
                                            beginning with May 9, 2001
                                            continuing until the Termination
                                            Date, subject to adjustment in
                                            accordance with the Preceding
                                            Business Day Convention.

Floating Rate Option:                       USD-LIBOR-BBA

Designated Maturity:                        1 Month (including any stub periods)

Spread:                                     Inapplicable

Floating Rate Day Count Fraction:           Actual/360

Reset Dates:                                First day of each Calculation
                                            Period. The Floating Rate for each
                                            Calculation Period will be the rate
                                            on the day which is two London
                                            Banking Days prior to the
                                            commencement of such Calculation
                                            Period.

Compounding:                                Inapplicable

Business Days For Floating
Rate Determination Date:                    London

Business Days For Payments:                 New York

Calculation Agent:                          Party A

Collateral Assignment:                      Party A consents to a collateral
                                            assignment of this Confirmation and
                                            the Agreement (as attached) and
                                            agrees to execute separate consents
                                            as may be reasonably requested by
                                            the parties to such agreements.

Assignment:                                 Party A will not unreasonably
                                            withhold or delay an assignment of
                                            this agreement to any other third
                                            party.

Governing Law:                              New York, without reference to
                                            choice of law doctrine.

Payment Instructions to Party A:            CHASE MANHATTAN BANK, N.A. NEW YORK
                                            BIC # CHASUS33
                                            A/C OF Lehman Brothers Derivative
                                            Products Inc.
                                            A/C # 066-902-622

                                                                     Page 3 of 4
<PAGE>

Payment Instructions to Party B:        Please provide

Please confirm that the foregoing correctly sets forth the terms of our
agreement with respect to the Cap Transaction by signing in the space provided
below and sending a copy of the executed Confirmation by telecopier
(646-836-0602) to Lehman Brothers Derivative Products Inc., Attention:
Confirmation Group.

Lehman Brothers Derivative Products Inc.

By:  /s/ [copy not legible]
    ---------------------------------------
Name:
Title: Vice President
       Lehman Brothers Derivative Products

Confirmed as of the
date first above written:

MAGUIRE PARTNERS--PLAZA LAS FUENTES, LLC
a Delaware limited liability company

By:  Maguire Partners/Pasadena Center, Ltd.,
     a California limited partnership, its Managing Member

By:  Maguire Partners Pasadena Gen-Par., Inc.,
     a Delaware corporation, its General Partner

By:  /s/ [copy not legible]
    ---------------------------------------
Name:  [copy not legible]
Title: Treasurer

                                                                     Page 4 of 4

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