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California  + Los Angeles  + Retail  | 

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

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.

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About Dennis Kaiser

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 including as a journalist and in corporate and agency integrated marketing communications roles. He is responsible for Connect’s client content operations and public relations strategy. He is involved in a range of initiatives ranging from content strategy, message development, copywriting, Social Media and content marketing services. Dennis’s communications background in the real estate industry includes working with many of the top real estate firms – from brokerage companies, developers, homebuilders, investors, owners, lawyers, asset advisors, lenders, architects and property management firms. • Marketed more than 1 Billion Square Feet of Office Space • 70,000 Multifamily/Condo Units • 15,000 Single Family Homes • 30 Million Square Feet of Retail Space • Representing Roughly $100 Billion in Investment In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. Dennis’s agency background on integrated communications teams at many reputable agencies and has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. He formerly was President of the Public Relations Society of America’s Los Angeles of public relations professional, and served on the Board of Directors. He also taught a public relations extension course at Loyola Marymount University. Dennis’s has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.

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