Blank Rome Represents CTL Capital in $263M Mortgage Loan for Construction of Los Angeles Chargers' New Corporate HQ and Practice Facility
A Blank Rome team represented CTL Capital LLC in the structuring and placement of a $263M mortgage loan to finance the construction of a new corporate headquarters and practice facility for the Los Angeles Chargers football team. The transaction closed on March 8, 2022.
The 14-acre property on which the facility will be built is owned by a joint venture between two established developers—Continental Development Corp. and Mar Ventures Inc.—and leased to the Los Angeles Chargers. It is located in El Segundo, California, three miles from LA International Airport and seven miles from SoFi Stadium, which the Chargers share with the LA Rams. The facility will include a 145,000-square-foot main headquarters building, three regulation-size football fields, a rooftop hospitality club, a lap pool, a player rehabilitation area, and a media center. The project is expected to be completed in Spring 2024.
The loan was originated by CTL Capital and transferred to a trust owned by several institutional investors in a private placement. The property, which was previously owned by Raytheon Company and, prior to that, by petroleum companies, was subject to extensive environmental remediation and is also subject to a detailed future monitoring program approved by the California Department of Toxic Substances Control.
The Blank Rome team was led by Michael Feinman, with assistance from Kaitlyn West and Trisha Williams. Additional assistance was received by Peg Hill and Kierstan Carlson on environmental issues and Jason Kim on California real estate issues.