Sonnenblick-Eichner Secures Refi for Emeryville Flex Asset
- Jun 27, 2016
San Francisco—An office/flex building in Emeryville, Calif., is the most recent recipient of a financing measure arranged by the Sonnenblick-Eichner Co. The Beverly Hills-based real estate investment banking firm provided a fixed-rate loan worth $12.4 million for the refinancing of the property located at 6601 Shellmound St.
According to Sonnenblick-Eichner Managing Director Tina Derderian, the process drew a number of interested parties in spite of the difficulties normally associated with a Tenant-in-Common structure. The company eventually provided a 10-year, non-recourse loan at an interest rate of less than 4.5 percent. The loan was funded by an international investment bank.
Currently fully leased to the Ex’Pression College of Digital Arts, the facility offers a total of 63,406 square feet of space. The for-profit institution is a fully accredited college that offers degree programs including Sound Arts, Interactive Audio, Graphic Design & Motion and Digital Filmmaking. Given its current tenant profile, the flex building is conveniently located in the proximity of Pixar Animation Studios. Its position within the Emeryville submarket also offers tenants easy access to Oakland, Berkeley and Walnut Creek. The property is located just across the Bay from San Francisco.
Image courtesy of Sonnenblick-Eichner