BEVERLY HILLS, CA--(Marketwire - Jun 21, 2011) - Sonnenblick-Eichner Company announced today that it has arranged $58,400,000 of first mortgage financing for Museum Square, a 553,000 square-foot office and retail complex located in the Miracle Mile district of Los Angeles, California.
The property's excellent location in the heart of Miracle Mile provides for easy access to the major business centers of Beverly Hills, downtown Los Angeles and Hollywood. The property is located two blocks from the Los Angeles County Museum of Art. Major tenants in Museum Square include: The Screen Actors Guild, County of Los Angeles and the American Federation of Television and Radio Artists (AFTRA).
David Sonnenblick, a Principal of Sonnenblick-Eichner Company, commented, "Due to the conservative loan request and Museum Square's excellent location, tenancy and sponsorship, this was a highly sought after financing opportunity. Consequently, the borrower was able to achieve a 10-year interest-only fixed rate financing at less than 5%."
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: "Museum Square has competed most effectively in the Miracle Mile District due to its ability to accommodate both small and large office users."
The property is owned by a partnership, whose principals include Jerry Snyder, one of California's largest and most successful commercial real estate developers.
Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-based real estate investment banking firm that specializes in the financing and sale of institutional quality commercial real estate.
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