BEVERLY HILLS, Calif., Sept. 26, 2018 (GLOBE NEWSWIRE) -- Sonnenblick-Eichner Company has arranged $29,200,000 of interim first mortgage financing to refinance the Old No. 77 Hotel & Chandlery, a historic 167-room, full-service boutique hotel located in the heart of the Warehouse Arts District, just a few blocks from the French Quarter in New Orleans.
The five-year floating rate loan was priced over LIBOR at a spread in the mid-300s. Loan proceeds are being used to refinance the existing acquisition loan, as well as provide a return of equity to the borrower.
In June of 2015, the Hotel completed an extensive $14,000,000 ($94,000 per room) renovation that included renovating the guestrooms, bathrooms, public spaces, and a build-out of the ground floor restaurant space. Amenities include Compère Lapin, an upscale restaurant and bar helmed by Nina Compton, an acclaimed chef who has won several awards including the James Beard Award for Best Chef: South in 2018.
“The interim floating rate loan will allow the property to continue to ramp-up post-renovation while providing a lower cost of capital than the original acquisition loan,” said Sonnenblick-Eichner’s Principal Elliot Eichner.
“The refinancing replaces a loan that was also arranged by Sonnenblick-Eichner Company,” added Patrick Brown, also a Principal of Sonnenblick-Eichner Company.
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 retail, office, hospitality, industrial, and multifamily properties.
About Provenance Hotels
Founded in 1985 and headquartered in Portland, Ore., Provenance Hotels is an owner and operator specializing in award-winning independent hotels with distinct and deeply integrated art. The portfolio includes Hotel deLuxe, Hotel Lucia, Sentinel, the Heathman Hotel and Dossier in Portland, Hotel Max and Hotel Theodore in Seattle, Hotel Murano in Tacoma, Wash., the Old No. 77 Hotel & Chandlery in New Orleans, Hotel Preston in Nashville and Lora in Stillwater, Minn. Provenance Hotels will open Woodlark in Portland, Villa Royale in Palm Springs and The Revolution Hotel in Boston in fall 2018. www.provenancehotels.com.
Source: Sonnenblick-Eichner Company
Media Contact: Bruce Beck - bruce@dbrpr.com - (805) 777-7971
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/79fdef84-bd98-4c26-8598-437457f4beac