The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
November 21, 2019
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



ETC... ETC...
Printer-friendly Version   Email an Associate
Continental Development Secures $55 Mil Refi on 206k sf Property

11/07/19

Continental Development has obtained a $55 mil refi loan on a 206k sf office/retail property situated within Continental Park, an 86-acre, master-planned mixed-use campus along the Rosecrans corridor on the border of El Segundo and Manhattan Beach.

The long-term, non-recourse financing was arranged by Sonnenblick-Eichner Company. The 10-year, interest-only loan was priced at a fixed interest rate of 3.34% and is secured by four buildings totaling 195k sf of office space and 11k sf of retail space.

Continental Park consists of 3 msf of low- and mid-rise Class A office buildings, retail, restaurant, hotel and entertainment space. Located three miles south of Los Angeles International Airport, the properties enjoy access to the entire Greater Los Angeles area via the on-site Los Angeles County Metro Rail Green Line Douglas Street station.

A portion of the loan proceeds will be used to fund costs associated with the lease-up of an 80k sf office building, whose tenant is expected to vacate early next year. This created an underwriting challenge, especially when seeking long-term debt, according to Sonnenblick-Eichner Co. Principal David Sonnenblick.

“Due to the upcoming vacancy of nearly 40% of the property, it was necessary to structure around this to satisfy lender underwriting criteria,” said Sonnenblick. “By demonstrating the seasoned history of the asset, exceptionally strong sponsorship and the demand for this type of space, as evidenced by the migration of technology companies into the South Bay, we were able to overcome the challenge. The low interest rate associated with the loan also helped to get lenders comfortable that there would be ample coverage for the loan.”




Return to the previous page


 


 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2019 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media