Sonnenblick-Eichner Company Arranges $30.5 Million Loan to Refinance 30-Suite Luxury Resort in Florida Keys
Sonnenblick-Eichner Company announced today that it has arranged $30.5 million of interim first mortgage financing for Little Palm Island Resort & Spa, an iconic 30-suite, full-service, luxury resort located in Little Torch Key, FL.
The loan refinanced a recently matured fixed-rate loan and closed within 30 days of application. Mast Capital and RWN Management provided the financing.
The Resort is located on an exclusive 4.12-acre private island in the world famous Florida Keys. Accessibility to the Resort is by private boat from Little Torch Key, located approximately three miles to the north. Amenities at the Resort include a full-service fine dining ocean-front restaurant, SpaTerre, a fitness center, dive shop and a swimming pool and an adjacent Palapa Bar. Additionally, the Resort features a Marina with three separate docks that can accommodate yachts up to 120 feet in length. The Resort has been consistently recognized as one of the top destination resorts in the world. Condé Nast Traveler and Reader's Choice Awards recently ranked the Resort in their "Top 10 Resorts in the U.S." and "Best Resorts in the World for 2020".
"Little Palm Island is a one-of-a-kind resort. We were able to generate multiple financing quotes given the property's stellar performance in its "drive-to-leisure" destination location, as well as the top-tier sponsorship. Mast Capital was able to deliver strong execution and close expeditiously," commented Elliot Eichner, a Principal of Sonnenblick-Eichner Company.
"The amount of lender interest in the financing opportunity demonstrates the large degree of liquidity in the market today for well positioned assets," commented Patrick Brown, also a Principal of Sonnenblick-Eichner Company.