Fisker HQ in Manhattan Beach Gets $30M Refi
Sonnenblick-Eichner Company recently arranged $30 million of first mortgage debt for Continental Development Corporation to refinance 1888 Rosecrans Ave., a 78,540-square-foot class-A office building in Manhattan Beach. The Rosecrans location serves as the new global corporate headquarters of Fisker Inc. The 10-year interest-only loan has an interest rate of 3.15 percent for the entire term.
“Although the building is 100 percent leased to Fisker, a relatively new company that recently went public, we were able to generate interest from multiple lenders on a 10-year interest only basis,” says David Sonnenblick, a principal of Sonnenblick-Eichner Company.
The three-story building is located within Continental Park, a 2.7-million-square-foot mixed-use development located on the Rosecrans Corridor in Manhattan Beach and El Segundo. Continental Park is comprised of class-A office space, and retail and recreational amenities in a campus setting.
“There is tremendous liquidity in the market for institutional-grade real estate assets,” says Patrick Brown, also a principal of Sonnenblick-Eichner Company. “As evidenced by this financing, a 10-year interest only structure is still readily available at very attractive terms.”