Sonnenblick-Eichner Company Arranges Permanent Financing for the Crowne Plaza Hotel In Phoenix, Ariz
PHOENIX, AZ, February 21, 2006, Sonnenblick-Eichner Company announced today that it has arranged permanent financing for the 250-room Crowne Plaza Phoenix Hotel located in Phoenix, Arizona.
The Crowne Plaza Hotel is a AAA 3-Diamond full service hotel that just recently underwent renovations of approximately $20,000 per room to the hotel's guestrooms, common areas, lobby, meeting and banquet areas, porte cochere and pool areas.
Elliot Eichner, principal of Sonnenblick-Eichner Company commented, "Current market underwriting and the excellent year-over-year performance allowed us to obtain financing that resulted in significant repayment to equity investors. The five year loan was priced below 6% with a 30-year amortization schedule and an interest only period."
"This is the third financing Sonnenblick-Eichner Company has completed in the Scottsdale/Phoenix area in the last 60 days. Other financings that we recently arranged in the market include the Embassy Suites Phoenix North and the Caleo Resort and Spa," commented Patrick Brown, also a principal of Sonnenblick-Eichner Company.
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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