Sonnenblick-Eichner Arranges $153,150,000 of First Mortgage Financing for Pacifica Hotel Portfolio
September 10, 2015 5:37am
Beverly Hills, California, September 10, 2015 - Sonnenblick-Eichner Company announced today that it has arranged $153,150,000 of 10-year fixed rate, first mortgage financing for a portfolio of 10 properties totaling 739 rooms. The loans were non-recourse and are not cross-collateralized. The portfolio is comprised of a unique collection of oceanfront hotels located on the central coast of California, as well as properties in Venice, Marina del Rey and Manhattan Beach, California, and a property in Port St. Lucie, Florida.
The portfolio includes the following properties:
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, “The borrower chose to refinance a majority of the loans prior to maturity. The cost of prepayment was mitigated by the lower cost of capital and the risk associated with the potential of higher interest rates in the future. The Borrower also realized pent-up equity they had in the portfolio.”
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: “We were engaged to refinance loans we had previously arranged for the Borrower. Through our marketing efforts we were able to source financing quotes from multiple capital sources. The Borrower ultimately selected a CMBS execution to maximize proceeds and full term interest-only for most of the loans.”
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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.
Contact: Colette Schamet
(310) 286-7700 x 108
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