Contact Information: Media Contact: Colette Schamet E-mail:
Sonnenblick-Eichner Company Arranges 90% Leasehold Construction Financing for a Specialty Shopping Center in Malibu, California
| Source: Sonnenblick-Eichner Company
LOS ANGELES, CA--(Marketwire - July 8, 2008) - Sonnenblick-Eichner Company announced today
that it has arranged a $20,000,000 leasehold construction loan for Malibu
Lumber Shopping Center, located on the Pacific Coast Highway in Malibu,
California. The loan, which was secured from a money center commercial
bank, provides for up to 90% of the total project costs at an interest rate
of LIBOR + 250 and limited borrower recourse.
Malibu Lumber Shopping Center is subject to a long term unsubordinated
ground lease from the city of Malibu, and is being developed at a total
project cost of nearly $700 a leasehold foot. The property will cater to
both national and local tenants including J. Crew, Tory Burch and Theory.
The project, which is being developed in joint venture by Richard Weintraub
and Richard Sperber, two prominent Los Angeles-based real estate
entrepreneurs, has tremendous visibility on the Pacific Coast Highway and
is located within close proximity to Pepperdine University and Malibu
Colony, one of Los Angeles' most exclusive residential communities.
David Sonnenblick, principal of Sonnenblick-Eichner Company, commented,
"Due to the property's excellent location, tenancy and sponsorship, we were
able to negotiate a very attractive construction loan that provided for
minimal cash equity from the developer and limited recourse."
Patrick Brown, also a principal of Sonnenblick-Eichner Company, added,
"Despite the high loan per square foot, it is an encouraging sign that
construction capital on such favorable terms can still be obtained for high
quality transactions in today's difficult capital markets environment."
Other transactions recently completed by Sonnenblick-Eichner Company on
behalf of Richard Weintraub include arranging a $51,200,000 acquisition
loan for the Sportsmen's Lodge and Sportsmen's Lodge Hotel at Coldwater
Canyon and Ventura Boulevard in Studio City, California, one of the most
heavily traveled intersections in Los Angeles. This loan equated to
approximately 90% of the total acquisition cost of the property.
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.
