Hotel Online  Special Report

..

 Sonnenblick-Eichner Company Arranges $24 million of First Mortgage
Financing for the Surfsand Resort in Cannon Beach, Oregon
.
 
LOS ANGELES, CA – November 28, 2006 - Sonnenblick-Eichner Company announced today that it has arranged $24,000,000 of first mortgage financing for the Surfsand Resort, Cannon Beach’s premier full service resort located on the beach along Oregon’s northern coast.  Proceeds from the loan will be used to completely renovate and redevelop the property.  The 5-year interim loan provides for interest-only payments for the first three years of the loan.  The financing was provided by an affiliate of a Wall Street investment bank.  
 
Upon completion of the redevelopment, the resort will offer 106 luxury guestrooms with amenities that include 5,800 square feet of meeting and banquet space, a restaurant with a lounge and bar, a spa, a fitness center, and an indoor pool.  The hotel is located within 90 minutes of Portland and approximately 3 hours from Seattle by car. Cannon Beach is the closest recreational beach resort destination to Seattle. 
 
Elliot Eichner, a Principal of Sonnenblick-Eichner Company commented, “Despite the fact that part of the redevelopment was ground-up construction, we were able to structure a loan with a minimal guarantee that burns off upon completion of construction.  The loan also provides flexibility for pre-payment, which will allow the borrower to access the permanent loan market when the renovation is complete.”
 
Aaron Lerner, a Senior Associate of Sonnenblick-Eichner Company added, “Due to the tremendous amount of equity in the property and given the borrower’s long term ownership and management of the hotel, we were able to get the lender comfortable with financing 100 percent of the capital required to complete the project.”
 
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.  
.
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

.
Also See: Sonnenblick-Eichner Company Arranges $63 million of First Mortgage Financing for a Portfolio of Six Oceanfront Hotels in California / November 2006
Sonnenblick-Eichner Company Arranges $28 million of First Mortgage Financing for the Hotel Andra in Seattle, Washington / October 2006
Sonnenblick-Eichner Company Arranges $41.5 million of First Mortgage Financing for Hotel 1000 in Seattle, Washington / September 2006
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

To search Hotel Online data base of News and Trends Go to Hotel.Online Search

Home | Welcome! | Hospitality News | Classifieds | Catalogs & Pricing | Viewpoint Forum | Ideas/Trends
Please contact Hotel.Online with your comments and suggestions.