 LOS ANGELES, CA - December 7, 2010 –
Sonnenblick-Eichner
Company announced today that it has arranged $20,500,000 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
pay-off an existing renovation and redevelopment loan previously placed
by Sonnenblick
Eichner Company. The new 5-year loan is
LIBOR-based, and non-recourse to the borrower. The
loan was financed by a private debt
fund. The 97-room resort, which completed a $13.2 million renovation and redevelopment in 2008, offers 3,600 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 90 minutes from 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, “We were successful in sourcing capital for an un-flagged resort property in what is still characterized as a difficult market for these types of assets.” Patrick Brown, also a principal of Sonnenblick-Eichner Company, added, “Despite the general absence of Wall Street investment banks and regional/community banks for this asset class, the emergence of alternative debt funds and mortgage REITs has filled this gap quite successfully.” About Sonnenblick-Eichner Company  Sonnenblick-Eichner
Company (www.sonneich.com) is a
Beverly Hills- 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. |