Sonnenblick-Eichner Arranges $19,3 mil of Acquisition Financing for Hotel Fifty, Portland, OR
LOS ANGELES, CA, November 29, 2007. Sonnenblick-Eichner Company (www.sonneich.com) announced today that it has arranged $19.3 million of first mortgage acquisition and renovation financing for the Hotel Fifty located in downtown Portland, Oregon.
The Hotel Fifty, formerly the Four Points by Sheraton Downtown Portland, is a 5-story, 140-room hotel which will be completely renovated and re-branded to an upscale, independent full service boutique hotel. The loan provides funds to complete an extensive $7 million renovation which will include a redesign of the exterior, an upgrade of the restaurant and lounge, and a complete remodel of the hotel's guestrooms, bathrooms, and common areas. The non-recourse loan has a term of 5-years and floats over LIBOR.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company commented, "This financing illustrates that a transaction with quality sponsorship and a focused business plan can still be financed in the marketplace today. We were successful in securing a non-recourse loan in a turbulent capital markets environment."
Aaron Lerner, a Vice-President of Sonnenblick-Eichner Company, added, "Our exclusive focus on real estate finance and daily interactions with the capital markets enabled us to successfully secure several competitive loan offers and complete the acquisition within our client's time frame."
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: Colette Schamet
310-286-7700
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