Sonnenblick-Eichner Co. Advises on $35 Million Refinancing of New Oakland, CA Hotel

USA, Beverly Hills, California. June 15, 2022

Sonnenblick-Eichner Company announced today that it was the exclusive advisor to the Borrower for the placement of $35 million of first mortgage interim financing for the leasehold interest in the Moxy Oakland Downtown, a 172-room hotel located in the Uptown Arts and Entertainment District of Oakland, California. The financing was provided by ACORE Capital.

The hotel opened in March of 2021. Proceeds from this non-recourse financing were used to retire the construction loan and provide fresh capital to advance the hotel towards stabilization. The property was developed by Tidewater Capital and Graves Hospitality and is managed by Graves Hospitality. Graves and Tidewater own the property in partnership with EJF Capital.Amenities at the hotel include a lobby bar, lounge, an outdoor terrace, a full-service restaurant and a state-of-the-art 24-hour fitness center.

The property is located in Oakland's Arts and Entertainment District, which has emerged as a vibrant center of creativity, fashion and nightlife and offers a growing number of local and international design shops, fashion boutiques, restaurants, cafés and hotels. Moxy Hotels (www.MoxyHotels.com) is Marriott International's millennial-focused, lifestyle brand.

Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented,"Despite the hotel's limited operating history, we were able to attract institutional capital to refinance the hotel."

Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: "We have been successful in financing numerous hotels coming off of construction loans and we were pleased to see that this loan was also competitively bid."


Moxy Oakland
/ SLIDES
Tags: Sonnenblick-Eichner, Sonnenblick, Hotel, financing, hospitality, real estate, lending, finance

About Sonnenblick-Eichner Company

Business Contact:

Bruce Beck
President
DB&R
T: +1 805-777-7971
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 July 2022...

Hotel Spa: Now More Than Ever


In the aftermath of the global health crisis, there is a newfound appreciation for the need to be fit - both in body and mind - and hotels that provide a spa or wellness clinic will reap the rewards. What are clients seeking? Better health, fitness, nutrition, appearance, sleep and mindfulness. It is no longer sufficient for spas to only offer massages or facials; clients are demanding more for the benefit of their overall well-being. For example, a medical spa might offer services such as botox, dermal fillers, body sculpting, and microdermabrasion. Other spas are emphasizing the importance of preventative therapeutics and are using technologies such as body scanners to evaluate their clients' health. Some spas are enlisting osteopaths, naturopaths, fitness coaches, yoga masters, even psychologists, to promote vitality, stress management, and emotional balance. The July issue of the Hotel Business Review will report on these and other advancements, and document how some hotel spas are integrating them into their operations.