Sonnenblick-Eichner Completes $88.5mil First Mortgage Financing for Nine Hotels in California
LOS ANGELES, CA, March 20, 2007. Sonnenblick-Eichner Company announced today that it has completed the second stage of first mortgage financing totaling $88,500,000 for a portfolio of nine hotels located along the Pacific coastline in San Diego, San Francisco, Cambria, and Pismo Beach, California. Two of the properties are located in infill locations in Venice and Marina Del Rey. The portfolio includes three full service and six limited service hotels. The financings were 10-year fixed rate loans priced in the low 100 bps range over the 10-year treasury. The loans were interest-only for the entire term and were provided by a European-based financial institution. The properties are not cross-collateralized.
The 679-room portfolio includes the Blue Sea Lodge, San Diego; The Inn at Venice Beach, Venice; the Holiday Inn Express, Marina Del Rey; the Lighthouse Hotel, Pacifica (San Francisco); the FogCatcher Inn and the Fireside Inn, Cambria; and the Spyglass Inn, Cottage Inn by the Sea, and Sandcastle Inn, Pismo Beach. The properties are rated Three-Diamond by the American Automobile Association.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company commented, "This unique portfolio was able to attract favorable terms due to the properties' strategic locations and barriers to entry for new hospitality developments along the California coast, including Venice, and Marina Del Rey."
Patrick Brown, also a principal of Sonnenblick-Eichner Company, added, "The hotel debt capital markets did not differentiate between the full and limited service assets, as well as independent versus branded, in terms of pricing for this transaction."
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.
Media Contact: Debi Fidler
310-286-7700
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