Regions West | Los Angeles
Sonnenblick-Eichner Arranges Leasehold Construction Financing for Malibu Lumber Shopping Center
July 8, 2008

Sonnenblick-Eichner Co. has arranged a $20 million leasehold construction loan for Malibu Lumber Shopping Center, located on the Pacific Coast Highway in Malibu, Calif. The loan, which was secured from a money center commercial bank, provides for up to 90 percent of the total project costs at an interest rate of LIBOR + 250 and limited borrower recourse. The property is subject to a long term unsubordinated ground lease from the city of Malibu, and is being developed at a total project cost of nearly $700 a leasehold foot. The property will cater to both national and local tenants including J. Crew, Tory Burch and Theory. The project, which is being developed in joint venture by Richard Weintraub and Richard Sperber, is located within close proximity to Pepperdine University and Malibu Colony.

 
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