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 January 2023...

Mobile Technology: New Era of Digital Transformation


Though it's difficult to ascribe any affirmative value to the pandemic, it did push the hotel industry into a new era of digital transformation. Out of necessity, hotels quickly adopted all forms of mobile technology, as a means to minimize the risks of infection and to maximize a seamless guest experience. The goal was to reduce guest touchpoints but still deliver access to all property services, while maintaining social distancing measures. As a consequence, mobile technology providers created next-gen products and services like never before. In addition to mobile check-in/out, mobile room keys, and contactless payment methods, hotels are now implementing branded concierge apps, guest messaging platforms, enhanced translation devices, and website chat bots. Smart rooms, voice and facial recognition, robotics, and A.I. technologies are on the near horizon. The January Hotel Business Review will report on how some hotels are integrating mobile technologies into their operations to provide their guests with a ground-breaking digital experience.