BEVERLY HILLS, Calif., June 08, 2021 (GLOBE NEWSWIRE) -- Sonnenblick-Eichner Company announced today that it has arranged $30 million of first mortgage debt for Continental Development Corporation to refinance 1888 Rosecrans Avenue, a 78,540 square-foot Class A office building located in Manhattan Beach, California that serves as the new global corporate headquarters of Fisker Inc. (Fisker). The 10-year interest only loan has an interest rate of 3.15% for the entire term.
The three-story Class-A office building is located within the prestigious Continental Park, a 2.7 million square-foot, mixed-use development located on the Rosecrans Corridor in Manhattan Beach and El Segundo, CA. Continental Park is comprised of Class-A office space, first class retail and recreational amenities in a high-quality campus setting. The Manhattan Beach/El Segundo submarket is the aerospace and defense capital and second only to San Francisco as the home of the most Fortune 500 companies in California.
Fisker is a publicly traded American electric vehicle manufacturer founded by Henrik Fisker, an internationally renowned automobile designer and innovator whose cars include the BMW Z8 made famous by James Bond, the Aston Martin V8 Vantage, Aston Martin DB9 and the Fisker Karma.
David Sonnenblick, a Principal of Sonnenblick-Eichner Company, commented, “Although the building is 100% leased to Fisker, a relatively new company that recently went public, we were able to generate interest from multiple lenders on a 10-year interest only basis.”
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: “There is tremendous liquidity in the market for institutional-grade real estate assets. As evidenced by this financing, a 10-year interest only structure is still readily available at very attractive terms.”
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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