BEVERLY HILLS, CA--(Marketwire - June 12, 2012) - Sonnenblick-Eichner Company announced today that it has arranged $27,000,000 of first mortgage financing for 1500 Rosecrans Avenue, a 123,000 square-foot office building located within Continental Park in Manhattan Beach, California. The 10-year fixed rate, non-recourse, financing was placed with a life insurance company at a rate of less than 5%. The loan provided for 2 years of interest only payments.
The property is located on the Rosecrans corridor of Manhattan Beach, California within Continental Park, one of southern California's premier business parks, offering over 2.5 million square feet of office, warehouse, restaurant and retail space. Tenants at the property include Deloitte, Luther Burbank Savings and 24 Hour Fitness.
David Sonnenblick, a Principal of Sonnenblick-Eichner Company, commented: "We are currently in a very attractive capital market environment for commercial real estate financing. Consequently, we were able to generate tremendous interest from both Wall Street investment banks and life insurance companies. The Borrower ultimately decided to move ahead with a life insurance company, due to their ability to lock rate at application."
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: "The borrower's excellent reputation, hands-on management and track record contributed to our ability to obtain numerous quotes for this financing opportunity."
The property is owned by an affiliate of Continental Development Corporation, one of California's largest and most successful commercial real estate developers.
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.
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