Sonnenblick-Eichner Company Arranges $236,750,000 of First Mortgage Financing for Seven Provenance Hotels
January 21, 2016 11:20am
Beverly Hills, California, January 21, 2016 - Sonnenblick-Eichner Company announced today that it has arranged $236,750,000 of first mortgage financing for seven lifestyle hotels totaling 1,072 rooms that are owned and operated by Portland, Oregon-based Provenance Hotels and located in the Central Business Districts of Portland, Oregon and Seattle, Washington, as well as a property in Nashville, Tennessee.
Six of the properties received 10-year fixed rate loans, all non-recourse and not cross-collateralized. These include: Hotel Lucia, Portland, Oregon; Hotel deLuxe, Portland, Oregon; Sentinel, Portland, Oregon; the Westin Portland, Portland, Oregon; Hotel Max, Seattle, Washington; and Hotel Preston, Nashville, Tennessee. Following the financings, these six hotels were acquired by Provenance Hotels’ newly-launched $525 million fund, Provenance Hotel Partners Fund I. The financing of the seventh hotel, the Roosevelt Hotel, was a non-recourse LIBOR-based facility that Provenance Hotels used to acquire their partners’ equity interest and for the upcoming renovation and repositioning of the hotel.
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.”
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Provenance Hotels manages award-winning urban lifestyle hotels with a distinct and deeply integrated art story. The portfolio includes Hotel deLuxe, Hotel Lucia and Sentinel in Portland, Oregon, Hotel Max, Hotel 1000 and the Roosevelt Hotel in Seattle, Washington, Hotel Murano in Tacoma, Washington, Hotel Preston in Nashville, Tennessee and the Old No. 77 Hotel & Chandlery in New Orleans, Louisiana. Provenance Hotels can be found online at (www.provenancehotels.com).
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: Bruce Beck
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