BEVERLY HILLS, CA--(Marketwire - May 2, 2012) - Sonnenblick-Eichner Company announced today that it has arranged $29,200,000 of first mortgage financing for four limited-service hotels located in Los Angeles, San Diego, Half Moon Bay and San Luis Obispo, California. The financings were 10-year fixed rate loans priced in the mid 5 percent range with 30-year amortization. The loan is non-recourse to the sponsor and the lender did not require the properties to be cross-collateralized.
The 292-room portfolio consists of the Holiday Inn Express, San Luis Obispo; Sommerset Suites, San Diego; Carlyle Inn, Los Angeles; and the Best Western Plus, Half Moon Bay. The properties are rated Three-Diamond by the American Automobile Association.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "Given the liquidity in the capital markets for seasoned assets with cash flow, we were able to create a competitive environment among lenders resulting in favorable financing terms for the ownership."
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added, "The capital markets continue to improve for hospitality product and pricing continues to tighten. Interest rates today for 10-year fixed rate hotel financing is currently approximately 5%."
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.
Contact Information:
Media Contact:
Colette Schamet
310-286-7700
