SAN FRANCISCO-Sonnenblick-Eichner Company has arranged $148 million of first mortgage leasehold financing for San Francisco's PIER 39, the internationally renowned shopping and entertainment center located on San Francisco Bay.
The financing, which was provided by an International Life & Casualty Insurance, 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.
"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," said David Sonnenblick, principal of Sonnenblick-Eichner. "The capital markets continue to remain very liquid for high quality real estate debt opportunities of all product types."
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
