Sonnenblick-Eichner Company Arranges $126.1 Million of First Mortgage Debt to Refinance Pacifica Hotel Portfolio
Sonnenblick-Eichner Company has arranged $126.136 million of first mortgage debt for Pacifica Hotels to refinance a portfolio of seven Southern California hotels totaling 601 rooms. The portfolio includes a collection of oceanfront and coastal hotels located in San Diego, Pismo Beach, Venice and Manhattan Beach.
The three- and five-year fixed-rate non-recourse loans were funded by a Wall Street investment bank and an insurance company.
The portfolio includes the following properties:
· The Wayfarer, 126 rooms, San Diego
· Sandcastle Hotel on the Beach, 75 rooms, Pismo Beach, CA
· Cottage Inn by the Sea, 80 rooms, Pismo Beach, CA
· Spyglass Inn, 82 rooms, Pismo Beach, CA
· Inn at Venice Beach, 43 rooms, Venice, CA
· The Kinney Venice Beach, 68 rooms, Venice, CA
· The Belamar Hotel, a Tapestry Collection by Hilton, 127 rooms, Manhattan Beach, CA
"We were very successful in sourcing financing from several capital providers. Ultimately, the best execution was closing with two lenders for the portfolio. The portfolio was competitively bid as evidenced by the level of interest that we received," said Elliot Eichner, a Principal of Sonnenblick-Eichner Company.
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: "As demonstrated by this transaction and other hospitality assets that we are currently marketing for financing, there is a tremendous amount of capital available today for all types of hotels for both fixed- and floating-rate structures."
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.
