BEVERLY HILLS, CA--(Marketwired - Feb 25, 2014) - Sonnenblick-Eichner Company announced today that it has arranged $148,000,000 of first mortgage leasehold financing for San Francisco's PIER 39, the internationally renowned shopping and entertainment center located on the San Francisco bay in San Francisco, California.
The financing, which was provided by an international Life & Casualty Insurance Company, is a fully amortizing 19-year loan. The loan carries an interest rate of less than 4.75% and is subject to a ground lease with less than 30 years remaining on the term.
Located two blocks east of Fisherman's Wharf at the northern tip of the San Francisco Peninsula, PIER 39 features 116 specialty shops, restaurants and entertainment venues within its 245,000 square feet of leasable area, as well as a 980-car parking structure. Tenants at PIER 39 include Hard Rock Cafe and Bubba Gump Shrimp Co. restaurants; Aquarium of the Bay, a 707,000-gallon aquarium and marine attraction; and the Blue & Gold Fleet, the Bay Area's largest ferry service provider.
David Sonnenblick, principal of Sonnenblick-Eichner Company, commented, "Despite the short term remaining on the ground lease, we were still able to generate interest from both Wall Street Investment Banks and Life Insurance Companies for a long term self-amortizing debt structure. The capital markets continue to remain very liquid for high quality real estate debt opportunities of all product types."
Elliot Eichner, also a Principal of Sonnenblick-Eichner Company, added, "As a testament to our company's platform of a hands-on, highly personalized service, this is the 5th time we financed this iconic property on behalf of the ownership."
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company is widely recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types, including retail, office, hospitality, industrial and multifamily. Based in Los Angeles, the company specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing as well as joint-venture equity investments.
Contact Information:
Media Contact:
Colette Schamet
310-286-7700 x 108
