Financing for the Benson Hotel and Paramount Seattle Hotel
|Los Angeles, CA – January 19, 2006 - Sonnenblick-Eichner Company
announced today that they have arranged $35.5 million in first mortgage
financing for The Benson Hotel in Portland, Oregon as well as $23 million
in first mortgage financing for the Paramount Hotel in Seattle, Washington.
The 10-year fixed rate loans were priced in the low 100 bps. range over
the 10-year treasury, with a 30-year amortization.
The Benson Hotel is a 287-room, AAA 4-Diamond rated, full service luxury hotel located in Portland, Oregon’s Central Business District and is regarded as one of Portland’s most significant historical landmarks. The hotel offers two award winning restaurants, and 13,500 square feet of meeting space.
The Paramount Seattle Hotel is a 146-room, AAA 3-Diamond rated, full service hotel located in the heart of downtown Seattle. The hotel is located within Seattle’s Financial District and is in close proximity to Seattle’s high-end shopping District and the Washington Convention Center.
Elliot Eichner, a principal at Sonnenblick-Eichner Company comments, “We were able to obtain multiple offers on these boutique hotels in the low 100 bps. spread range over treasuries. These loans were sized utilizing actual loan constants, which resulted in maximum proceeds for our client.” Patrick Brown, also a principal of Sonnenblick-Eichner Company added, “Both existing loans, originally placed by our firm seven years ago, were paid off. The lower cost of capital coupled with a new 10-year term more than offset the defeasance premium.”
|Also See:||Sonnenblick-Eichner Company Arranges $44 million in Financing for National Hotel Portfolio / January 2006|
|Sonnenblick-Eichner Company Arranges $68,500,000 in Financing for Two California Hotels / April 2005|
|Sonnenblick-Eichner Company Arranges $17.6 Million in Financing for Hilton Tampa Westshore in Tampa Bay, Fla. / January 2005|