BEVERLY HILLS, CA--(Marketwired - September 22, 2015) - Sonnenblick-Eichner Company announced today that it has arranged $41,000,000 of first mortgage financing for Continental Park Terrace, a 200,000 square-foot, Class A office building located within Continental Park in the Manhattan Beach/El Segundo submarket of the Los Angeles' South Bay. The non-recourse, 15-year fixed rate mortgage was provided by a life insurance company.
The property's location within Continental Park, a 3 million square-foot, mixed use development, provides the best of premium office space with first class retail, recreation and residential amenities in a high quality campus setting. Tenants at Continental Park Terrace include Konami Digital Entertainment, Morgan Stanley and Paul Martin's American Grill.
David Sonnenblick, a Principal of Sonnenblick-Eichner Company, commented, "Due to the significant amount of liquidity in the market, we were able to generate tremendous interest from both life insurance companies and Wall Street investment banks. The borrower ultimately decided to enter into an application with a life insurance company that provided a free rate lock for over one 100 days, allowing the borrower to eliminate prepayment penalties associated with its existing loan. The interest rate on this 15-year mortgage was approximately 3.5%."
Elliot Eichner, also a Principal of Sonnenblick-Eichner Company, added: "This loan repays an existing first mortgage that we arranged for the property in 2006."
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-based real estate investment banking firm that specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing as well as joint-venture equity transactions. The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types including retail, office, hospitality, industrial, and multifamily properties.
Source: Sonnenblick-Eichner Company
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Contact Information:
Media Contact:
Colette Schamet
cschamet@sonneich.com
(310) 286-7700 x 108
