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