Sonnenblick-Eichner Company Arranges $236 mil in Construction Financing for Viceroy Anguilla Resort
LOS ANGELES, CA, June 20, 2006. Sonnenblick-Eichner Company announced today that it has arranged $236,000,000 in construction financing for the Viceroy Anguilla Resort and Residences located on the Caribbean island of Anguilla in the British West Indies. The financing was obtained from a U.S. money center bank and closed without any syndication contingencies.
The financing follows two other facilities arranged by Sonnenblick-Eichner Company including the initial land loan for the acquisition of the unentitled development site. The project is being developed by Los Angeles based Kor Hotel Group and Lubert-Adler Real Estate Funds.
Upon completion, the Five-Star $300 million development will offer 172 fully furnished luxury units including oceanfront villas, townhouses, condominiums, and a 90-room hotel. Amenities at the resort will include a full service spa, restaurants and bars, three infinity edge pools and tennis courts.
Elliot Eichner, principal of Sonnenblick-Eichner Company commented, "Kor has extraordinary vision and instinct to develop a world class Five-Star resort of this magnitude on Anguilla where this scope of development has not been previously executed. Their level of pre-sales validates the success of the development."
David Sonnenblick, also a principal of Sonnenblick-Eichner Company added, "Due to the significant amount of capital available in the marketplace, coupled with the quality of the project and development team, we were able to obtain non-recourse construction financing proposals from multiple institutional lenders. The borrower decided to pursue a financing that had no syndication contingencies and could close in less than 45 days. "
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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