Trending
Continental snags $55M refi on El Segundo office portfolio
The properties are located inside the firm’s 3M-sf office and retail complex
Continental Development Corp. landed a $55 million refinance on four mixed-use buildings inside its massive retail and office park in El Segundo.
Rialto Mortgage Finance provided the 10-year, fixed-rate loan on the portfolio of properties that total 206,000 square feet. Most of the square footage is for office space, with the remaining 11,000 square feet for retail.
Beverly Hills-based Sonnenblick-Eichner advised Continental Development on the loan deal, which carries a 3.34 percent interest rate.
The properties are located at 2201, 2221 and 2231 Rosecrans Avenue, and 831 S. Douglas Street. They are inside Continental Development’s 35-year-old Continental Park, which is about two miles from Los Angeles International Airport.
The 3 million-square-foot Continental Park is comprised of low- to mid-rise retail, restaurant, hotel and entertainment properties spread across 86 acres.
El Segundo-based Continental Development will use part of the proceeds on the interest-only, non-recourse loan to lease up a separate 80,000-square-foot office building within the complex, and whose tenant is vacating at year end.
In early 2016, Continental Development began redeveloping several of its properties in Continental Park, turning them into creative office spaces.