 BEVERLY HILLS, CA, September 11, 2012 -
Sonnenblick-Eichner Company announced today that it has arranged two
loans totaling $17,125,000 for the Hilton Garden Inn Ames a
112-room, select-service hotel, located in Ames, Iowa;
and the 105-room Hilton Garden Inn Lakeland located in Lakeland,
Florida. The Ames hotel is located approximately two
miles from Iowa State University, and the Lakeland hotel is located at
Lakeland
Linden Regional Airport and across the street from the corporate
headquarters
of Publix. First mortgage leasehold
financing was provided for the Lakeland property which is subject to a
35-year
ground lease. The Ames property is owned fee simple.
The 10-year fixed rate loans for both properties have an interest rate of less than 5 percent with 30-year amortization for Lakeland and 25-years for Ames. Both loans are non-recourse to the borrowers. Elliot Eichner, a principal of Sonnenblick-Eichner Company, commented, “Given the age of the properties, being completed in 2007 and 2005, the long-term Hilton franchise agreements, and despite the relatively short term ground lease encumbering the Lakeland hotel, we were successful in achieving sub 5% pricing.” Patrick Brown, a principal of Sonnenblick-Eichner Company, further commented, “Due to the tremendous amount of liquidity in the debt market today for hotels and their locations near significant demand generators, we were able to place capital at an attractive interest rate from an institutional lender.” 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. |