L.A.’s Continental Park Secures $55M Refi

Continental Development Corp. has secured a $55 million loan to refinance Continental Park, an office and retail mixed-use complex in El Segundo. The firm secured a 10-year, interest only loan that was priced at a fixed interest rate of 3.34%.

A portion of the loan proceeds will be used to fund costs associated with the lease-up of an 80,000-square-foot office building, whose tenant is expected to vacate early next year. This created an underwriting challenge, especially when seeking long-term debt.

Sonnenblick-Eichner Co. principal David Sonnenblick secured the funds on behalf of the borrower.