Sonnenblick-Eichner Co. Arranges $50 Million Loan to Finance Acquisition and Renovation of Inn at Rancho Santa Fe in San Diego, CA
Sonnenblick-Eichner Company on behalf of Steve Herman Hotels, has arranged $50 million in first mortgage debt for the acquisition of Inn at Rancho Santa Fe, an 82-room, full-service, luxury boutique resort located in north San Diego County's exclusive enclave of Rancho Santa Fe, CA
A portion of the loan proceeds will be used by the sponsor to fund an extensive $15 million "top-to-bottom" renovation that will reposition the resort as one of the most prominent and exclusive destinations in California. The non-recourse floating rate loan, which provided for 85% of total costs including the renovation of the property, was priced in the mid 7% range
"We were successful in sourcing multiple deal structures for 85% of total costs from a number of different capital providers, including debt and hedge funds as well as family offices," said Elliot Eichner, a Principal and Co-Founder of Sonnenblick-Eichner Company. "The loan was ultimately placed with an alternative investment fund that provided the entire capital stack and will hold the loan on-book to maturity."
"A contributing factor that facilitated the transaction was the sponsor's experience in renovating and repositioning similar resort properties," added Patrick Brown, also a Principal of Sonnenblick-Eichner Company.
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (www.sonneich.com ) is a Beverly Hills-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. Our clients benefit from our combined 100 years of transactional experience. Through our extensive relationships with both domestic and international capital providers, we identify the most logical capital sources for each transaction and through a competitive bidding environment obtain the best possible pricing and deal structure for our clients. We bring innovative solutions to complex capital transactions as a result of our extensive experience and long standing relationships with real estate capital providers.
