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 Sonnenblick-Eichner Company Arranges $33,000,000 of First Mortgage
Financing for Hilton Fort Lee at the George Washington Bridge,
Fort Lee, New Jersey
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Los Angeles, CA – September 10, 2007 - Sonnenblick-Eichner Company announced today that it has arranged $33 million of first mortgage financing for the fee simple interest in the Hilton Fort Lee at the George Washington Bridge, a Three-Star full-service hotel located in Fort Lee, New Jersey.
 
The 14-story, 237-room hotel is located approximately two miles west of Manhattan and is the closest hotel to the George Washington Bridge.  The property offers its guests convenient access to Manhattan and the commercial districts of northern New Jersey.  Amenities at the hotel include approximately 7,500 square feet of meeting and banquet facilities, two restaurants, a lobby lounge, and on-site parking for approximately 600 cars.  
 
Sonnenblick-Eichner Company arranged a 10-year fixed-rate, non-recourse mortgage from a European-based investment bank.  The loan payments are interest-only for the first 5 years.
 
Elliot Eichner, a Principal of Sonnenblick-Eichner Company commented, “The new 10-year mortgage refinances a loan that carried a significantly higher interest rate and shorter amortization schedule.  The borrower was able to lower the debt service payments, have a 5-year period of interest-only payments, and realize pent-up equity as a result of the refinancing.”
 
Aaron Lerner, a Vice President of Sonnenblick-Eichner Company, added, “We were successful in working through several new underwriting challenges resulting from the recent volatility in the capital markets.  By leveraging our company’s relationships with capital providers, we were able to complete this loan without incurring modifications to the terms of the loan during the closing process.”  
 
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:

Katie Shumaker
Sonnenblick-Eichner Company 
310-286-7700
kshumaker@sonneich.com
www.sonneich.com
 

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Also See: Sonnenblick-Eichner Company Arranges $212,500,000 Construction Financing for St. Regis Resort & Residences Deer Crest, Deer Valley, Utah / July 2007
Sonnenblick-Eichner Company Arranges $49,000,000 of First Mortgage Financing for Three Hotels in the Pacific Northwest / June 2007
Sonnenblick-Eichner Company Arranges $65,000,000 of First Mortgage Leasehold Financing for the Sheraton Park Hotel at the Anaheim Resort, Anaheim, California / June 2007
Sonnenblick-Eichner Company Completes $88.5 million of First Mortgage Financing for a Portfolio of Nine Hotels in California / March 2007
Sonnenblick-Eichner Company Arranges $136 million of First Mortgage Financing for Provenance Hotels / January 2007
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 $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
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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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