Sonnenblick-Eichner Co. Arranges $30 Million Loan to Refinance 104-Key Hotel in Pismo Beach, CA
Sonnenblick-Eichner Company has arranged $30 million of long-term, fixed-rate financing for the Inn at the Pier, a 104-room, full-service, luxury boutique hotel located one-half block from the Pacific Ocean in Pismo Beach, CA.
The non-recourse loan was funded by a Life Company and priced in the low 4 percent range with interest-only payments for the entire term. Proceeds from the loan also provided for a return of equity to the borrower.
The Inn at the Pier features a full-service restaurant, pool and spa, and the only roof-top bar in Pismo Beach. Other amenities include 1,200 square feet of meeting space, a state-of-the-art fitness facility and approximately 2,650 square feet of street-level retail space. The hotel offers valet parking accommodating up to 128 cars. The Inn at the Pier's central location adjacent to the Pismo Beach Pier, provides convenient access to the beach and downtown tourist attractions including restaurants, shops and other attractions.
"Given the oceanfront location and "Drive-to-Leisure" market orientation, we had tremendous lender interest culminating in 14 competitive loan quotes," said Elliot Eichner, a Principal of Sonnenblick-Eichner Company.
"As evidence of our personal client service, this is the third time that we have arranged financing for the hotel, including the construction, interim and long-term fixed-rate financing for the property," added Patrick Brown, also a Principal of Sonnenblick-Eichner Company.