X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MALIBU, CA-Los Angeles based developers Richard Weintraub and Richard Sperber have landed a $20-million construction loan for the development of Malibu Lumber Shopping Center, a 30,000-sf project fronting the Pacific Coast Highway at Cross Creek Road, putting it in close proximity to both Pepperdine University and Malibu Colony, one of Los Angeles’ most exclusive residential communities.

Malibu Lumber Shopping Center is subject to a long term unsubordinated ground lease from the city of Malibu. It is being developed at a total project cost of nearly $700 per leasehold foot. The property will cater to both national and local tenants including J. Crew, Tory Burch and Theory.

The lender is a “money center commercial bank,” according to the loan broker, Sonnenblick-Eichner Co. The loan provides for up to 90% of the total project costs at an interest rate of LIBOR + 250, has limited borrower recourse and required “minimal”, according to Sonnenblick-Eichner.

Sonnenblick-Eichner also recently sourced a $51.2 million acquisition loan for Weintraub for the Sportsmen’s Lodge and Sportsmen’s Lodge Hotel at Coldwater Canyon and Ventura Boulevard in Studio City, CA, one of the most heavily traveled intersections in Los Angeles. This loan represented 90% of the total acquisition cost of the property.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.