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 Sonnenblick-Eichner Company Arranges $41.5 million of First Mortgage
Financing for Hotel 1000 in Seattle, Washington
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LOS ANGELES, CA – September 26, 2006 - Sonnenblick-Eichner Company announced today that it has arranged $41,500,000 of first mortgage financing for Hotel 1000, Seattle’s newest luxury boutique hotel which is located in the heart of the central business district in downtown Seattle, Washington.  The hotel, which opened in June, had only two months of operating history upon closing of the loan. The 10-year fixed rate loan provided for the first two years of the loan being interest only with the balance of the payments based upon a 30-year amortization schedule.  The financing was provided by a Wall Street investment bank. 

The 14-story, 120-room luxury hotel is part of a 24-story, Class-A high rise tower which has 47 luxury condominium units.  Amenities at the hotel include 6,600 square feet of meeting and banquet space, a 100-seat restaurant with a lounge and bar, a spa, a fitness center, and parking to accommodate approximately 110 cars.  The hotel is located within close proximity to Pike Place Market, a world famous shopping complex that generates over 9 million visitors each year, as well as Seattle’s downtown business district. Hotel 1000 has been nationally recognized as one of the most technologically advanced hotels in the country. The integrated technology system was constructed and implemented by a collaboration of 19 technology companies including Cisco, IBM, and Sony.

Elliot Eichner, a principal of Sonnenblick-Eichner Company commented, “An indication of the strength of the hospitality debt markets is reflected by the fact that we were able to arrange financing based upon pro forma stabilized cash flow for a hotel with no operating history.  The lender was comfortable that the property would achieve the cash flow necessary to service the debt going forward.”

Patrick Brown, also a principal of Sonnenblick-Eichner Company added, “The borrower was able to lock in a very advantageous interest rate for 10 years despite the hotel’s recent opening.  By most conventional standards, this loan was most suited for a floating rate structure prior to ramp-up and stabilization.”

About Sonnenblick-Eichner Company

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. 

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Contact:

Debi Fidler
Sonnenblick-Eichner Company
1901 Avenue of the Stars, #1750
Los Angeles, Ca 90067
Tel 310-286-7700  Fax 310-286-7710
dfidler@sonneich.com
www.sonneich.com

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Also See: Sonnenblick-Eichner Company Arranges $61.5 million of First Mortgage Financing for the Marriott Monterey Hotel in Monterey, California / September 2006
Sonnenblick-Eichner Company Completes $40 million Sale of the Coast Santa Cruz Hotel in Santa Cruz, California / September 2006
Sonnenblick-Eichner Company Arranges $41.5 million of First Mortgage Financing for the Maui Coast Hotel in Maui, Hawaii / June 2006
Sonnenblick-Eichner Company Arranges $236 million in Construction Financing for Viceroy Anguilla Resort and Residences, Anguilla, B.W.I. / June 2006
Sonnenblick-Eichner Company Arranges $67 million of First Mortgage Financing for Charleston Place, Charleston, South Carolina / March 2006
Sonnenblick-Eichner Company Arranges Permanent Financing for The Crowne Plaza Hotel in Phoenix, Arizona / February 2006
Sonnenblick-Eichner Company Arranges $54 million of Leasehold Renovation Financing for The Sheraton Park Hotel at the Anaheim Resort, Anaheim, California / February 2006
Sonnenblick-Eichner Company Arranges $58.5 million of Long Term Financing for the Benson Hotel and Paramount Seattle Hotel / January 2006
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

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