LOS ANGELES, April 02, 2024 (GLOBE NEWSWIRE) -- Sonnenblick-Eichner Company on behalf of Valencia Hotel Group, has arranged $19.5 million of first mortgage debt to refinance the Texican Court hotel in Irving, Texas.
The non-recourse five-year, fixed-rate loan was funded by a Wall Street investment bank. The loan is interest-only for the entire term at an interest rate of 7.74%, which included a buydown of the rate required by the lender.
Built in 2019, the 152-room upscale boutique hotel features a retro-aesthetic design of the mid-century motor court with elements inspired by “Old Texas” architecture. Amenities include a full restaurant, poolside bar, 3,228 square feet of indoor meeting space, 9,028 square feet of outdoor event space, a fitness center, swimming pool, outdoor firepits and a beer garden. Located at 501 W. Las Colinas Boulevard, the hotel benefits from its central location in the Urban Center of Las Colinas, a 12,000-acre master planned development offering approximately 35.8 million square feet of office space.
“This interest only, fixed-rate refinancing allowed our client to pay off their regional bank construction loan, which was a floating rate SOFR-based facility with amortization, allowing for a significant increase in cash flow to the partnership,” said David Sonnenblick, a Principal of Sonnenblick-Eichner Company.
“We had 18 financing quotes on this transaction and we successfully closed this financing at a debt yield of less than 12 percent,” added Patrick Brown, also a Principal of Sonnenblick-Eichner Company.
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 hospitality, retail, office, industrial, and multifamily properties.
Source: Sonnenblick-Eichner Company
Media Contact: Bruce Beck
bruce@dbrpr.com - (805) 777-7971
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