Continental Development and Mar Ventures have scored a touchdown, bagging a financing package for their proposed development of a new headquarters for the Los Angeles Chargers.
CTL Capital provided $276 million in construction and permanent financing for the planned 14-acre site, according to an announcement from Sonnenblick-Eichner, which arranged the deal. Terms of the financing were not disclosed.
CTL Capital, based in New York, focuses on providing single-tenant, net lease financing, according to its website.
In November, Continental and Mar Ventures announced they would build a 145,000-square-foot facility across 14 acres in El Segundo, set to open in 2024. The complex was set to be valued at more than $100 million.
Located on Nash Street, near the 105 Freeway, the site is currently used by defense firm Raytheon for parking.
The Chargers, owned by Dean Spanos and family, moved to Los Angeles from San Diego in 2017. Since then, the NFL team has been working with CBRE to find space to build a training facility. The Chargers have been leasing space in the Orange County city of Costa Mesa for its headquarters and training facility. The team has a long-term lease to share SoFi Stadium in Inglewood with the L.A. Rams.
The Chargers will move into the new headquarters-and-training facility – only about five miles from SoFi Stadium – once construction is finished. The team signed a lease for the planned facility in December, property records show.
The facility will include offices, meeting rooms, medical and rehabilitation facilities, e-sports, gaming and content studios, a 3,100-square-foot media center and rooftop space.
News of the financing for the Chargers facility comes a week or so after TRD confirmed L.A. Rams owner Stan Kroenke as the buyer of a near-empty mall in the San Fernando Valley, raising speculation that he plans to build a headquarters and training facility for his team there.