Sonnenblick-Eichner Company Arranges $265,000,000 of Financing for JW Marriott Chicago
Beverly Hills, California - July 22, 2014 - Sonnenblick-Eichner Company announced today that it has arranged $265,000,000 of first mortgage financing for the 610-room JW Marriott Chicago, located in downtown Chicago, Illinois. The property is part of a 1.1 million square-foot mixed-use property, which occupies a full city block in the financial district of downtown Chicago.
The property was refinanced with a non-recourse, LIBOR-based floating rate loan that was provided by a Wall Street investment bank.
The hotel occupies the lower floors of an iconic Daniel Burnham designed building that was originally completed in 1914. The building has since been designated as a historic landmark and added to the National Register of Historic Places. In 2008, the lower 12 floors were fully renovated and converted into the 610-room JW Marriott Chicago, the only luxury hotel operated by Marriott International in the Chicago metro area. The property is located adjacent to the Federal Reserve Bank of Chicago and one block from the Chicago Board of Trade.
David Sonnenblick, a Principal of Sonnenblick-Eichner Company, commented, “The capital markets remain tremendously liquid for quality real estate transactions, as indicated by the interest we received from multiple lenders who had the desire to make this large single asset loan.”
Elliot Eichner, also a Principal of Sonnenblick-Eichner Company, added: “We were successful in finding a lender who had the ability to fund the entire loan so there was no syndication risk to our client.”
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company ( www.sonneich.com ) is a Beverly Hills-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.
Source: Sonnenblick-Eichner Company
Media Contact:
Colette Schamet
cschamet@sonneich.com
(310) 286-7700 x 108
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
