Sonnenblick-Eichner Arranges $29.2 Million Loan for Provenance to Refinance Historic Hotel in New Orleans

USA, Beverly Hills, California. September 26, 2018

Sonnenblick-Eichner Company has arranged $29.2 million of interim first mortgage financing to refinance the Old No. 77 Hotel & Chandlery, a historic 167-room, full-service boutique hotel located in the heart of New Orleans' Warehouse Arts District, just a few blocks from the French Quarter. The five-year floating rate loan was priced over LIBOR at a spread in the mid-300s.

Loan proceeds are being used to refinance the existing acquisition loan, as well as provide a return of equity to the borrower.In June of 2015, the Hotel completed an extensive $14 million ($94,000 per room) renovation that included renovating the guest rooms, bathrooms, public spaces, and a build-out of the ground floor restaurant space. Amenities include Compère Lapin, an upscale restaurant and bar helmed by Nina Compton, an acclaimed chef who has won several awards including the James Beard Award for Best Chef: South in 2018.

"The interim floating rate loan will allow the property to continue to ramp-up post-renovation while providing a lower cost of capital than the original acquisition loan," said Sonnenblick-Eichner's Principal Elliot Eichner.

"The refinancing replaces a loan that was also arranged by Sonnenblick-Eichner Company," added Patrick Brown, also a Principal of Sonnenblick-Eichner Company.


/ SLIDES
Tags: sonnenblick, Provenance, Sonnenblick-Eichner, finance, refinance, debt, CRE, real estate

About Sonnenblick-Eichner Company

Media Contact:

Bruce Beck
President
DB&R
T: 805-777-7971
E: [email protected]
W: http://www.dbrpr.com

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in June 2022...

Sales & Marketing: Promoting Peace of Mind


As the hotel industry transitions to a more familiar position, it is still necessary for hotels to emphasize in their marketing the health protocols they have implemented to ensure guest safety and wellness. Above all, guests need to be reassured that every precaution is being taken to safeguard their well-being. Additionally, there are other marketing strategies that hotels can implement as a way to boost their business. For example, neighborhood marketing is a tactic that relies heavily on appealing to local audiences. Incentives targeting locals can fulfill the craving that some people have for time away from home, but aren't ready to hop on a plane. Another viable strategy is to promote experiences in nature. After being stuck inside for so long, many people are looking for hotels to help them re-connect with the great outdoors. The June Hotel Business Review will focus on the marketing strategies that some hotels are adopting and how they are benefiting from them.