|Tampa Bay, Fla. (Jan. 10, 2005) – Los Angeles,
California-based Sonnenblick-Eichner Company has announced that it has
arranged $17,600,000 of first mortgage financing of the Hilton Tampa
Airport Westshore Hotel on behalf of Highland Hospitality Corporation
(NYSE:HIH). Sonnenblick-Eichner Company arranged a 10-year fixed
rate loan, at an interest rate of less than 5.75-percent
Patrick Brown, executive director of Sonnenblick-Eichner Company noted, “We were able to negotiate very favorable terms, including 30-year amortization, and an early rate lock near the historic bottom of the Treasury yield from a life insurance company.” Elliot Eichner, a principal of Sonnenblick-Eichner Company added, “This situation was unique because we were able to negotiate more favorable terms from a life insurance company as opposed to a CMBS lender, which typically offers the most competitive execution for hotels.”
Built in 1982 and fully renovated in 2003, the hotel is a 12-story, 238-room full service property that features a 115-seat restaurant, 35-seat lounge, 12,000 square feet of banquet and meeting space, a fully equipped fitness center and an executive business center.
The Hilton Tampa Airport Westshore is located in the heart of the Westshore Business District just two miles from Tampa International Airport. Also within close proximity are the Tampa Bay Convention Center, Port of Tampa and the 1.26 million-square-foot International Plaza Shopping Center.
Sonnenblick-Eichner Company, based in Los Angeles, 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.
|Also See:||Sonnenblick-Eichner Company Arranges Financing for $130 million Caribbean Resort / December 2004|
|Sonnenblick-Eichner Company Arranges $43.35 million in Financing for Two Historic Hotels / May 2004|
|Sonnenblick-Eichner Company Arranges $22 Million of Permanent Financing for the Maui Coast Hotel, Maui, Hawaii / December 2003|