Sonnenblick-Eichner Company Arranges $27.5 Million in Financing for the Northcoast Hotel Portfolio
SEATTLE, WA, November 15, 2005. Sonnenblick-Eichner Company has arranged $27.5 million in first mortgage financing for three hotels in the state of Washington; The Roosevelt and the Coast Gateway Hotel located in Seattle, and the Coast Wenatchee Center Hotel in Wenatchee, WA. The three properties contain a total of 443 guest rooms.
The 151-room Roosevelt Hotel is located in the heart of downtown Seattle, one block from the Washington State Convention Center, and the Gateway property is located adjacent to the Sea-Tac International Airport. he Coast Wenatchee Hotel is the dominant full-service hotel in the city of Wenatchee and is connected to the Wenatchee Convention Center and Performing Arts Theatre by a covered sky bridge.
"Consistent with the predominance of our client's locking in long-term rates, the ownership of this portfolio paid off Libor-based financing in favor of a 10-year fixed rate deal," said Elliot Eichner, principal of Sonnenblick-Eichner Company. "The loan was written at a low 100 over treasury spread with a 30-year amortization schedule," he added.
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