LOS ANGELES, CA--(Marketwire - December 7, 2010) - Sonnenblick-Eichner Company announced today that it has arranged $20,500,000 of first mortgage financing for the Surfsand Resort, Cannon Beach's premier full service resort located on the beach along Oregon's northern coast. Proceeds from the loan will be used to pay-off an existing renovation and redevelopment loan previously placed by Sonnenblick Eichner Company. The new 5-year loan is LIBOR-based, and non-recourse to the borrower. The loan was financed by a private debt fund.
The 97-room resort, which completed a $13.2 million renovation and redevelopment in 2008, offers 3,600 square feet of meeting and banquet space, a restaurant with a lounge and bar, a spa, a fitness center, and an indoor pool. The hotel is located 90 minutes from Portland and approximately 3 hours from Seattle by car. Cannon Beach is the closest recreational beach resort destination to Seattle.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "We were successful in sourcing capital for an un-flagged resort property in what is still characterized as a difficult market for these types of assets."
Patrick Brown, also a principal of Sonnenblick-Eichner Company, added, "Despite the general absence of Wall Street investment banks and regional/community banks for this asset class, the emergence of alternative debt funds and mortgage REITs has filled this gap quite successfully."
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
