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LOS ANGELES-Continental Development Corp. has reduced itsborrowing costs significantly in a $52-million refinancing of fourbuildings at its 2.7-million-sf Continental Park mixed-usedevelopment, according to locally based Sonnenblick-Eichner Co. Thenew loan cuts the debt service despite defeasance costs associatedwith the refinancing, according to principal David Sonnenblick ofSonnenblick-Eichner.
Sonnenblick says that the former loan carried "a significantdefeasance premium," but the premium was more than offset by theequity realized from the refinancing and the savings in debtservice payments.
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