Sonnenblick-Eichner Company Arranges $58.5 Million of Long Term Financing for The Benson Hotel and T
LOS ANGELES, CA, January 18, 2006. Sonnenblick-Eichner Company announced today that they have arranged $35.5 million in first mortgage financing for The Benson Hotel in Portland, Oregon as well as $23 million in first mortgage financing for the Paramount Hotel in Seattle, Washington. The 10-year fixed rate loans were priced in the low 100 bps. range over the 10-year treasury, with a 30-year amortization.
The Benson Hotel is a 287-room, AAA 4-Diamond rated, full service luxury hotel located in Portland, Oregon's Central Business District and is regarded as one of Portland's most significant historical landmarks. The hotel offers two award winning restaurants, and 13,500 square feet of meeting space.
The Paramount Seattle Hotel is a 146-room, AAA 3-Diamond rated, full service hotel located in the heart of downtown Seattle. The hotel is located within Seattle's Financial District and is in close proximity to Seattle's high-end shopping District and the Washington Convention Center.
Elliot Eichner, a principal at Sonnenblick-Eichner Company comments, "We were able to obtain multiple offers on these boutique hotels in the low 100 bps. spread range over treasuries. These loans were sized utilizing actual loan constants, which resulted in maximum proceeds for our client." Patrick Brown, also a principal of Sonnenblick-Eichner Company added, "Both existing loans, originally placed by our firm seven years ago, were paid off. The lower cost of capital coupled with a new 10-year term more than offset the defeasance premium."
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (www.sonneich.com) is a Los Angeles based real estate investment banking firm that specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing as well as joint-venture equity transactions. The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types including retail, office, hospitality, industrial and multifamily properties.
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