Connect Media > California News > Los Angeles > Sonnenblick-Eichner Delivers $55M Refi for El Segundo Asset

November 7, 2019 Comments Off on Sonnenblick-Eichner Delivers $55M Refi for El Segundo Asset Views: 1183 California News, Los Angeles

Sonnenblick-Eichner Delivers $55M Refi for El Segundo Asset

Order Reprints...

Beverly Hills-based Sonnenblick-Eichner Company arranged $55 million in long-term, non-recourse debt to refinance a 206,000-square-foot, mixed-use office and retail property in El Segundo, CA. The 10-year, interest only loan was priced at a fixed interest rate of 3.34% and is secured by four buildings totaling 195,000 square feet of office space and 11,000 square feet of retail space.

A portion of the loan proceeds will be used by borrower, Continental Development Corp., to fund costs associated with the lease-up of an 80,000-square-foot office building, whose tenant is expected to vacate early next year, which created an underwriting challenge. Sonnenblick-Eichner Co.’s David Sonnenblick says, “Due to the upcoming vacancy of nearly 40% of the property, it was necessary to structure around this to satisfy lender underwriting criteria.”

The properties are located within Continental Development Corporation’s 86-acre Continental Park, a master-planned, mixed-use development along the Rosecrans corridor.

Connect With Sonnenblick-Eichner Co.’s Sonnenblick

Subscribe to Connect Daily California

For comments, questions or concerns, please contact Dennis Kaiser

Tags: , ,

Comments are closed.