Sonnenblick-Eichner Company Secures $17.5 Million Loan to Refinance Brentwood Town Center
BEVERLY HILLS, Calif., Dec. 03, 2019 (GLOBE NEWSWIRE) -- Sonnenblick-Eichner Company has secured $17.5 million of 10-year, fixed rate, non-recourse financing for the Brentwood Town Center, a 12,845-square-foot boutique, High Street retail shopping center located on San Vincente Boulevard in Los Angeles’ Brentwood neighborhood. The interest-only loan was placed with a Wall Street investment bank. It was priced at 3.25% and equates to a loan of more than $1,350 per square foot.
Brentwood Town Center is located at the intersection of San Vicente Boulevard and 26th Street, in Brentwood, one of west Los Angeles’ most affluent communities. Brentwood boasts a median household income of more than $120,000. The San Vicente Boulevard corridor is widely recognized as having some of Los Angeles’ finest restaurants and retail stores.
Brentwood Town Center is a two-story luxury destination retail center with subterranean parking for 89 cars. The property is leased to a variety of high-end retailers, eateries and fitness outlets including Blue Bottle Coffee, Le Pain Quotidien, Blush LA, PlateFit, Bar Method, Nagao Sushi and Pressed Juicery.
The property is owned and managed by affiliates of Blatteis & Schnur, a Los Angeles-based owner and operator of High Street retail assets. The sponsor also developed the adjacent Brentwood Place shopping center, which is 100 percent leased to contemporary fashion boutique Theory. Sonnenblick-Eichner Company arranged the construction and permanent loans for this property as well.
“Being in an extremely attractive interest rate environment, we decided to take a targeted approach in our marketing efforts,” said Sonnenblick-Eichner Company Principal David Sonnenblick. “We approached a select number of potential capital providers in order to expedite the process for concerns of interest rates running away from us. Our client’s interest was in long-term, fixed-rate financing at a rate that would pay for the prepayment penalty of the existing loan over the first few years of the new financing. The savings realized from a 3.25% interest-only loan accomplished this for our client.”
“A CMBS structure provided the best execution for our client, since life insurance companies are imposing floor rates higher than what we were able to achieve from the CMBS market,” added Sonnenblick-Eichner Company Principal Patrick Brown.
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.
About Blatteis & Schnur, Inc.
Blatteis & Schnur traces its roots back to 1922 when the company was co-founded by Samuel Blatteis as what is believed to be the first real estate firm in the Western United States to make a specialty of retail leasing and brokerage. The company’s principal business specializes in the acquisition of 100% High Street properties in the top 20 urban retail markets in the United States. The firm has consummated over 50 transactions of premier properties over the past 15 years in such diverse markets as Beverly Drive in Beverly Hills, Abbot Kinney Boulevard in Venice, Malibu, Union Square in San Francisco, N. Michigan Avenue and Lincoln Park in Chicago, Newbury and Boylston, Walnut Street in City Center Philadelphia, King Street in Charleston, South Carolina, and Maui, Hawaii.
Source: Sonnenblick-Eichner Company
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