Los Angeles Retail Center Scores $18M Refi
- Dec 04, 2019
Blatteis & Schnur has refinanced Brentwood Town Center, a 12,845-square-foot retail asset in Los Angeles. According to public records, Goldman Sachs provided a $17.5 million non-recourse CMBS loan. The mortgage has a 3.25 percent interest rate and is set to mature in 10 years. Sonnenblick-Eichner Co. represented the borrower.
According to David Sonnenblick, principal with the firm, the owner was looking for a loan at a rate which would pay for the prepayment penalty on their existing debt—a $12.3 million note from Sun Life Financial, which was originated in 2013, per public records. The property last traded in 2007, when Blatteis & Schnur purchased it from Lenton Properties, for $10.6 million.
Built in 1992, the two-story retail center is located at 13050 San Vicente Blvd., at the junction with 26th Street. The San Vicente Boulevard corridor is recognized as being the home of multiple high-end restaurants and shopping centers. Additionally, Brentwood is considered one of the most affluent neighborhoods in west Los Angeles, with a median household income that exceeds $120,000. Blue Bottle Coffee, Le Pain Quotidien, Blush LA, PlateFit, Bar Method, Nagao Sushi and Pressed Juicery are among the tenants of Brentwood Town Center, which includes an 89-space subterranean parking lot.
Sonnenblick-Eichner Co. Principals David Sonnenblick and Patrick Brown facilitated the financing on behalf of the owner. In November, the investment banking firm also secured a $55 million loan for three office properties in El Segundo, Calif.