BEVERLY HILLS, Calif., June 14, 2022 (GLOBE NEWSWIRE) -- 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 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.”
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 hospitality, retail, office, industrial, and multifamily properties.
About Graves Hospitality
Graves Hospitality (GH) turns ideas into action and Real Estate into enterprise. GH offers a comprehensive range of development and management services adeptly tailored to answer the unique needs of independent and branded hotels, resorts and restaurants as well as residential and commercial projects. The company's development skills and management services, including sales, marketing, distribution, human resources and accounting, are honed by over 40 years of continued success. Consistently recognized as an industry leader, GH has developed and managed more than 100 hotels and restaurants, as well as residential and commercial developments. To learn more information about Graves Hospitality, visit www.graveshospitality.com.
About Tidewater Capital
Tidewater Capital invests in and develops real estate in the Bay Area for the collective prosperity of their partners and the communities in which they work. Through a value investment philosophy and authentic engagement, they create spaces that foster long-term positive impact while creating value for all of their stakeholders.
They are investors and operators with a geographic focus and expertise across product types including office, residential, retail, hotel, and industrial. Their focus on assets benefits from entitlement, development, renovation, repositioning and/or improved management. They monitor market cycles to identify and execute compelling investment opportunities for their array of partners, including university endowments, foundations, and family offices.
Source: Sonnenblick-Eichner Company
Media Contact: Bruce Beck
bruce@dbrpr.com
(805) 777-7971
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c1ed26f5-017d-493a-9cda-d21ece246d7b
