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.
Dennis Kaiser is Vice President of Content and Public Relations for
Connect Commercial Real Estate. Dennis is a communications
leader with more than 30 years of experience.
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