MANHATTAN BEACH, CA-Sonnenblick-Eichner Co. hasarranged $27 million of first-mortgage financing on behalf of anaffiliate of Continental Development Corp. for1500 Rosecrans Ave., a 123,000-square-foot officebuilding located within Continental Park businesspark here. The 10-year, fixed-rate, non-recourse financing wasplaced with a life-insurance company at a rate of less than 5%. Theloan provided two years of interest-only payments.

The property is located on the Rosecrans corridor within thebusiness park, which holds more than 2.5 million square feet ofoffice, warehouse, restaurant and retail space. Tenants at theproperty include Deloitte, Luther Burbank Savingsand 24-Hour Fitness.

“We are currently in a very attractive capital-marketenvironment for commercial real estate financing,” saidDavid Sonnenblick, a principal ofSonnenblick-Eichner Co., in a prepared statement. “Consequently, wewere able to generate tremendous interest from both Wall Streetinvestment banks and life-insurance companies. The borrowerultimately decided to move ahead with a life-insurance company, dueto their ability to lock rate at application.”