$57M Refinances Museum Square

LOS ANGELES, CA-The partnership that owns the 545,000-sf Museum Square office and retail project, whose principals include longtime L.A. developer Jerry Snyder, obtained $57 million mortgage to refinance the property in a deal arranged by Sonnenblick-Eichner Co. in Los Angeles.

The property in the Miracle Mile district is two blocks from the Los Angeles County Museum of Art, with major tenants including Virgin Entertainment and Scripps Network.David Sonnenblick, a principal of Sonnenblick-Eichner, says the long-term loan is fixed at less than 6%. The office and retail project is owned by a partnership whose principals include Snyder and OGO Associates.

The 10-story Museum Square property also includes five street-front restaurants along Wilshire Boulevard, many with outdoor cafe styledining, that are popular with local residents and nearby office workers. The building’s owners last year completed extensive renovations of the public area in a project designed by architect by Jon Jerde.