| Los Angeles, CA, June 27, 2006 – Sonnenblick-Eichner Company announced
today that it has arranged $41,500,000 in first mortgage financing for
the fee simple interest in Maui Coast Hotel in Maui, Hawaii. The
10-year fixed rate financing was provided by a European based financial
institution. The financing replaces a $22 million, 10-year fixed
rate loan which Sonnenblick-Eichner Company arranged in December 2003.
Elliot K. Eichner, principal of Sonnenblick-Eichner Company commented, “With the compression of spreads coupled with a period of interest only payments and 30-year amortization, the borrower was able to realize significant equity through this refinancing.” Patrick Brown, also a principal of Sonnenblick-Eichner Company, added, “Since the refinancing was structured within the 2-year lock-out period required on securitized transactions, we arranged a forward rate-lock enabling the borrower to capture a lower interest rate before the run-up in treasury rates.”
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 retail, office, hospitality, industrial, and multifamily properties. |
The
6-story, 265-room Maui Coast Hotel is located in the coastal community
of Kihei, just minutes from Maui’s prestigious resort and residential area
of Wailea, and approximately 11 miles from Kahalui International Airport.
Completed in 1993, the hotel is consistently the market leader among its
competitive set. The Maui Coast Hotel is the only full service hotel
in the Kihei market and has been awarded the American Automobile Association
(AAA) “Three-Diamond” designation. The property is franchised by
Vancouver, Canada-based Coast Hotels and Resorts, one of the largest regional
hotel chains in Western North America. The property is managed by Paramount
Hotels, LLC.
