Dealmaker: Sonnenblick-Eichner Arranges $30M to Refi California Office

Sonnenblick-Eichner Co., Beverly Hills, Calif., arranged $30 million of first mortgage debt for Continental Development Corp. to refinance 1888 Rosecrans Avenue in Manhattan Beach, Calif.

The 78,540-square-foot Class A office building serves as the new global corporate headquarters for publicly traded electric vehicle manufacturer Fisker Inc.

The 10-year, interest-only loan closed with a 3.15 percent full-term interest rate.

The three-story building sits within Continental Park, a 2.7-million-square-foot mixed-use development on the Rosecrans Corridor between Manhattan Beach and El Segundo. Continental Park includes Class A office and retail space and recreational amenities in a campus setting. The Manhattan Beach/El Segundo submarket follows only San Francisco as home to the most Fortune 500 companies in California.

“Although the building is 100 percent 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,” said David Sonnenblick, Principal with Sonnenblick-Eichner

Patrick Brown, also a Principal of Sonnenblick-Eichner Company said there is “tremendous” liquidity in the market at the moment for institutional-grade real estate assets.