Sonnenblick-Eichner Company Arranges $40.5 Million of First Mortgage Financing for Continental Park
EL SEGUNDO CA, October 27, 2005. Sonnenblick-Eichner Company has arranged $40.5 million of first mortgage financing for Continental Park Terrace, a 190,000 square foot, Class-A office building located on Rosecrans Avenue in El Segundo, California. The 10-year fixed rate loan carries an interest rate of less than 5.5% with a 30-year amortization schedule. There is an interest only period for the first few years of the loan. The loan was placed with a US-based financial services company/investment bank.
Continental Park Terrace is located within the South Bay's preeminent master-planned mixed-use business community, Continental Park. Containing over 2.5 million square feet of office, hotel, retail, restaurant and entertainment venues, Continental Park offers its tenants, neighboring tenants and residents some of the finest amenities in southern California. These amenities include a 16-screen Pacific Theatre, restaurants including P.F. Changs, McCormick & Schmick's, and Fleming's Prime Steakhouse, a state-of-the-art Spectrum health club, and a 122-room Summerfield Suites Hotel. In addition, two anchored shopping centers, the Manhattan Village Mall and a full-service Marriott Hotel with a nine-hole executive golf course are located within close proximity of Continental Park Terrace.
"The borrower was able to take advantage of today's low interest rate environment, which more than offset the cost of prepaying their existing high interest rate mortgage. They were also able to realize a tremendous amount of built-up equity in the asset," said David Sonnenblick, principal of Sonnenblick-Eichner.
"Due to the office building's excellent location, excellent amenities, institutional sponsorship, high-grade tenancy and barriers to entry, we were able to generate a significant amount of interest in this financing, which provided the borrower with multiple financing structures from which to choose. They ultimately decided upon a structure that provided for maximum proceeds paired with minimal contingencies," added Patrick Brown, principal of Sonnenblick-Eichner Company.
The property was developed and is currently owned and managed by Continental Development Corporation, one of Los Angeles' largest and most prominent owners and developers of commercial real estate.
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