BEVERLY HILLS, CA--(Marketwired - October 04, 2017) - Sonnenblick-Eichner Company has arranged $165 million of non-recourse, first mortgage leasehold financing for AIPA Properties, LLC to refinance a 1.3 million square-foot, mixed-used property located adjacent to Honolulu International Airport in Oahu, Hawaii.
The 15-year, fixed-rate, interest only loan is secured by Airport Industrial Park, the largest office and warehouse complex in the state of Hawaii. Constructed in phases beginning in 1989, the 12.5-acre property offers Class A office space, telecom/data flex space and both light and high cube warehouse space with 38-foot clear heights.
Airport Industrial Park is 99 percent leased to a diversified rent roll that includes Hawaiian Airlines, AT&T Corporation, Budget Rent-A-Car, City & County of Honolulu, the State of Hawaii and Lockheed Martin Corporation. The financing was provided by a domestic Life Insurance Company and sized to a 65% loan to value.
"We had tremendous interest in this financing opportunity from both CMBS lenders and Life Insurance Companies. Both capital sources provided 15-year interest-only loan terms, with our client ultimately deciding upon a Life Insurance Company execution," said Sonnenblick-Eichner Company Principal David Sonnenblick. "Due to the low interest rate associated with this financing, our client chose to incur the prepayment premium associated with defeasing their existing loan," added Mr. Sonnenblick.
"As a testament to our firm's client-oriented service, we do a tremendous amount of repeat business. This is the third time we have financed this asset for the Borrower," added Sonnenblick-Eichner Company Principal Patrick Brown.
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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