Sonnenblick-Eichner Company Arranges $49,655,000 of First Mortgage Financing for Beechwood Hotel Portfolio
Beverly Hills, California - October 12, 2015 - Sonnenblick-Eichner Company announced today that it has arranged $49,655,000 of 10-year fixed rate financing for a portfolio of 4 properties totaling 477 rooms. The portfolio is comprised of four Hilton Garden Inns located in Wisconsin and North Dakota. The loans were non-recourse and are not cross-collateralized, and two of the four properties were leaseholds.
The portfolio includes the following properties:
Hilton Garden Inn Green Bay, Green Bay, Wisconsin
Hilton Garden Inn Appleton/Kimberly, Kimberly, Wisconsin
Hilton Garden Inn Oshkosh, Oshkosh, Wisconsin
Hilton Garden Inn Grand Forks-UND, Grand Forks, North Dakota
Patrick Brown, a Principal of Sonnenblick-Eichner Company, commented, “We were able to achieve pricing in the mid 4 percent range with 5 years of interest-only payments for secondary and tertiary markets.”
Elliot Eichner, also a Principal of Sonnenblick-Eichner Company, commented, “Consistent with many recent refinancing assignments, the borrower chose to refinance prior to maturity, paying prepayment penalties, and thereby locking in a lower cost of capital for 10 years.”
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
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