Search
 

Continental Development Moves on to Life Company

LOS ANGELES—Unhappy with its former CMBS loan, the office owner secures a $26 million loan through a life insurance company to refinance the Continental Park, a two-building office park.

By Kelsi Maree Borland | Updated on April 28, 2015

LOS ANGELES—Continental Development, the largest office landlord in the El Segundo market, has secured a $26 million loan through a life insurance company to refinance two office buildings totaling 184,540 square feet at Continental Park, a 2.7-million-square-foot office park in El Segundo, CA. The borrower sought a life insurance company after having an unhappy experience with its former CMBS lender. The loan carries a 15-year term with a 25-year amortization schedule.

“Continental Development had done this deal as a CMBS loan 10 years prior, and they did not enjoy the servicing aspect of the loan,” Michael T. Elmore, EVP and managing director of NorthMarq Capital, tells GlobeSt.com. “They have never defaulted in the history of the company; they are a huge landlord. During the downturn from 2008 to 2010, they never missed a payment and they performed as they were suppose to, but the harassment they got from the servicing agent made them prefer not to do a CMBS loan again. In addition to that, they were worried about interest rates, so they had us focus on life insurance companies.” Elmore secured the funds on behalf of the borrower, along with his NorthMarq Capital colleague, VP Blake Melstrom.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.