Sonnenblick-Eichner Arranges $41.5 mil of First Mortgage for Hotel 1000 in Seattle,WA
LOS ANGELES, CA, September 26, 2006. Sonnenblick-Eichner Company announced today that it has arranged $41,500,000 of first mortgage financing for Hotel 1000, Seattle's newest luxury boutique hotel which is located in the heart of the central business district in downtown Seattle, Washington. The hotel, which opened in June, had only two months of operating history upon closing of the loan. The 10-year fixed rate loan provided for the first two years of the loan being interest only with the balance of the payments based upon a 30-year amortization schedule. The financing was provided by a Wall Street investment bank.
The 14-story, 120-room luxury hotel is part of a 24-story, Class-A high rise tower which has 47 luxury condominium units. Amenities at the hotel include 6,600 square feet of meeting and banquet space, a 100-seat restaurant with a lounge and bar, a spa, a fitness center, and parking to accommodate approximately 110 cars. The hotel is located within close proximity to Pike Place Market, a world famous shopping complex that generates over 9 million visitors each year, as well as Seattle's downtown business district. Hotel 1000 has been nationally recognized as one of the most technologically advanced hotels in the country. The integrated technology system was constructed and implemented by a collaboration of 19 technology companies including Cisco, IBM, and Sony.
Elliot Eichner, a principal of Sonnenblick-Eichner Company commented, "An indication of the strength of the hospitality debt markets is reflected by the fact that we were able to arrange financing based upon pro forma stabilized cash flow for a hotel with no operating history. The lender was comfortable that the property would achieve the cash flow necessary to service the debt going forward."
Patrick Brown, also a principal of Sonnenblick-Eichner Company added, "The borrower was able to lock in a very advantageous interest rate for 10 years despite the hotel's recent opening. By most conventional standards, this loan was most suited for a floating rate structure prior to ramp-up and stabilization."
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (www.sonneich.com) is a Los Angeles-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.
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