SAN FRANCISCO-Sonnenblick-Eichner Company has arranged $148 million of first mortgage leasehold financing for San Francisco's PIER 39, the internationally renowned shopping and entertainment center located on San Francisco Bay.

The financing, which was provided by an International Life & Casualty Insurance, is a fully amortizing 19-year loan. The loan carries an interest rate of less than 4.75% and is subject to a ground lease with less than 30 years remaining on the term.

"Despite the short term remaining on the ground lease, we were still able to generate interest from both Wall Street Investment Banks and Life Insurance Companies for a long term self-amortizing debt structure," said David Sonnenblick, principal of Sonnenblick-Eichner. "The capital markets continue to remain very liquid for high quality real estate debt opportunities of all product types."

Located two blocks east of Fisherman's Wharf at the northern tip of the San Francisco Peninsula, PIER 39 features 116 specialty shops, restaurants and entertainment venues within its 245,000 square feet of leaseable area, as well as a 980-car parking structure. Tenants at PIER 39 include Hard Rock Cafe and Bubba Gump Shrimp Co. restaurants; Aquarium of the Bay, a 707,000-gallon aquarium and marine attraction; and the Blue & Gold Fleet, the Bay Area's largest ferry service provider.

Elliot Eichner, also a principal of Sonnenblick-Eichner added, "as a testament to our company's platform of a hands-on, highly personalized service, this is the 5th time we financed this iconic property on behalf of the ownership."

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Pier 39 Acquires $148M Loan

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