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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Sonnenblick Goldman Arranges $93 Million in Senior Debt and Mezzanine Financing for Premier Beverly Hills, CA Office Buildings |
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Wednesday, October 22, 2008
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San Francisco, CA
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For Further Information, Please Contact: Robert Stiles at (415) 658-3601 or Daniel MacDonnell at (213) 629-6517
[10/22/2008] – San Francisco, CA - Cushman & Wakefield Sonnenblick Goldman (“CWSG”) has arranged $78 million of floating-rate senior financing and $15 million of floating-rate mezzanine financing for the acquisition of the William Morris Agency office portfolio in Beverly Hills, CA. The properties were acquired by a joint venture consisting of Cape Horn Group and Lincoln Property Company. CWSG in conjunction with Draper and Kramer secured the debt for the transaction, which was provided by Switzerland-based UBS and New York City-based Brickman & Associates.
“It was only through an incredibly cooperative effort on behalf of all parties involved that the financing closed on time and as represented during this very turbulent time in the capital markets” said Daniel MacDonnell; Managing Director in CWSG’s newly opened Los Angeles office.
“Strategically located within one block of the intersection of Wilshire Boulevard and Rodeo Drive, these office towers enjoy a premier location in the heart of Beverly Hills,” noted Mark Root, Director in CWSG’s San Francisco office. The William Morris Agency, a world famous talent agency who represents many of today’s biggest names in entertainment and sports was the seller and currently occupies the majority of the property.
About Cushman & Wakefield Sonnenblick Goldman - CWSG is the industry's leading independent real estate investment banking firm. The firm was originally founded as Sonnenblick Goldman in 1893 to serve the financing needs of the real estate industry. Today, CWSG provides a full range of financial services, including debt and equity placements, joint ventures, hospitality investment sales and advisory services in the US and collaborates world-wide with its parent, Cushman & Wakefield. Further information can be found at the firm's website at www.cushwake.com/sonngold.
About Cape Horn Group LLC - Cape Horn Group is a commercial real estate acquisition and sales company that specializes in redeveloping undervalued commercial property currently leased or rented to businesses. Cape Horn Group’s goal is to provide a more innovative, profitable, manageable and valuable solution to the current commercial rental option in the United States for business owners and real estate investors. By acquiring a property that is already built and profitable, Cape Horn Group can achieve superior results and minimize risk to its investors.
About Lincoln Property Company – Lincoln Property Company (“LPC”) was founded in 1965 as a developer and manager of high-quality residential communities. Over the next few years, they expanded their line of products and services to include commercial real estate. LPC’s national reputation for successful management of its own properties quickly attracted a large client base of owners and investors who recognized the value they could provide in development, property management and real estate consulting services. Today, LPC is one of the most respected and diversified service firms in the United States, employing thousands of experienced, dedicated people who serve a growing client base that reaches coast-to-coast, as well as into Mexico and Europe.
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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