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Sonnenblick-Eichner Company Arranges $65,000,000 of First Mortgage Leasehold Financing for The Sheraton Park Hotel at the Anaheim Resort, Anaheim, California
| Source: Sonnenblick-Eichner Company
LOS ANGELES, CA--(Marketwire - June 19, 2007) - Sonnenblick-Eichner Company announced today
that it has arranged a $65 million first mortgage for the leasehold
interest in The Sheraton Park Hotel at the Anaheim Resort located in
Anaheim, California.
The Sheraton Park Hotel at the Anaheim Resort is a 490-room, 13-story,
full-service hotel located on Convention Way, one block south of the world
famous Disneyland Theme Park and one block east of the 1.6 million
square-foot Anaheim Convention Center. The property recently completed a
$30 million renovation and was re-branded as a Sheraton hotel.
Sonnenblick-Eichner Company arranged a 10-year fixed rate leasehold
mortgage from a Wall Street investment bank. The loan payments are
interest only for the entire 10-year term.
The property, encumbered by a long-term unsubordinated ground lease with
the city of Anaheim, includes a club lounge floor; 24,000 square feet of
state-of-the-art meeting and banquet facilities; a restaurant and lounge;
executive business center and a freestanding Morton's Steakhouse
restaurant. The Sheraton Park Hotel at the Anaheim Resort is the newest AAA
3-Diamond full-service hotel in Anaheim.
Elliot Eichner, a principal of Sonnenblick-Eichner Company, commented,
"This is the fourth financing that we arranged for this asset. This loan
refinances a $54 million renovation loan which we placed in 2006. What is
significant about this transaction is that we were able to maintain a
10-year interest only structure in today's volatile capital markets
environment even though the hotel had only 8 months of operating history as
a Sheraton."
Patrick Brown, also a principal of Sonnenblick-Eichner Company, added,
"Given the excellent sponsorship and first class renovation, the financing
attracted multiple quotes from institutional lenders."
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.
