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Sonnenblick-Eichner Company Arranges $49,000,000 of First Mortgage Financing for Three Hotels in the Pacific Northwest
| Source: Sonnenblick-Eichner Company
LOS ANGELES, CA--(Marketwire - June 26, 2007) - Sonnenblick-Eichner Company announced today
that it has arranged $49 million of first mortgage financing for three
separately owned hotels located in the Pacific Northwest cities of Portland
and Seaside, Oregon and Seattle, Washington.
The company arranged a $20 million, 10-year fixed rate loan for the Best
Western Ocean View Resort, a 5-story 107-room full service hotel located on
the beach in Seaside, Oregon. The AAA Three-Diamond hotel includes 6,100
square feet of meeting and banquet facilities, a restaurant and bar, and a
heated indoor swimming pool.
The Hotel Bridgetown, formerly the Days Inn hotel located in the Portland
CBD, is a 5-story, 174-room hotel and will be one of downtown Portland's
newest independent full service boutique hotels. The company arranged a
$17 million acquisition and renovation loan which provides the borrower
funds to complete an extensive $6 million renovation. The 5-year
LIBOR-based floating rate facility is non-recourse.
Sonnenblick-Eichner Company also arranged a 10-year fixed rate loan for the
154-room Hampton Inn Southcenter located in Seattle, Washington,
refinancing a maturing loan previously arranged by the company. The $12
million loan is for a term of 10 years and the payments are interest only
for the entire term. The hotel is located in close proximity to Sea-Tac
International Airport.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented,
"These transactions are indicative of our experience in hotel financing
throughout the Pacific Northwest. Including these transactions, we have
completed $390 million in financing for 19 different independent and
branded hotel assets over the past 18 months in the region."
Aaron Lerner, a Vice-President of Sonnenblick-Eichner Company, added, "We
were successful in working through several new underwriting challenges
resulting from the recent shifts in the capital markets in addition to the
rapid run-up in long term interest rates. By leveraging our company's
relationships with capital providers, we were able to successfully close
these loans on behalf of our clients."
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.