Contact Information: Media Contact: Debi Fidler 310-286-7700
Sonnenblick-Eichner Company Arranges $120 Million of Construction Financing for Playa Del Oro in West Los Angeles, California
| Source: Sonnenblick-Eichner Company
LOS ANGELES, CA -- (MARKET WIRE) -- January 22, 2007 --Sonnenblick-Eichner Company announced today
that it has arranged $120,000,000 of construction financing for Playa Del
Oro, a mixed-use development that will be comprised of 410 luxury
apartments, 27,000 square feet of retail space, and subterranean parking
for 1,170 cars. The development is located in the community of Westchester
in West Los Angeles. Upon completion, Playa Del Oro will be among the most
exclusive high-end multifamily communities in Los Angeles.
Accented with an architecturally distinct copper-clad dome, Playa Del Oro
will be the new "Town Center" of Westchester. The development will offer
12 live/work units, together with amenities including a large resort-style
pool and sundeck, two outdoor spas, a fully equipped state-of-the-art
fitness center, a business center and a coffee bar/lounge. Individual
units will offer oversized terraces, fireplaces, and state-of-the-art
communication capabilities.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "We
were successful in securing financing for this transaction from a European
money center commercial bank who was able to provide non-recourse
construction financing with no syndication contingency."
Patrick Brown, also a principal of Sonnenblick-Eichner Company, added,
"This is the second major construction loan that we have recently
structured in which we arranged non-recourse construction financing and
negotiated a cap on the completion guarantee, thereby limiting our client's
completion risk exposure."
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (www.sonneich.com) is a Los Angeles-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.
