 Beverly
Hills, California, November 13, 2012 - Sonnenblick-Eichner
Company announced today that it has arranged $112,000,000 of
non-recourse, first
mortgage and mezzanine financing for an 11-property hotel portfolio
totaling 2,130
rooms. The hotels include both
full-service and select service hotels branded by Hilton Worldwide and
Intercontinental Hotels and Resorts.The hotels, located throughout Florida, Michigan, and Tennessee, include the following properties:
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, “We were successful in securing a capital source that provided financing for the entire capital stack for both the senior and mezzanine loan, resulting in a seamless transaction for the Borrower. The first mortgage component will be securitized, and the mezzanine tranche will be retained by the issuer. Given the liquidity in the capital markets, the loan sized to a debt yield less of than 9.5%. The loan closed within 60 days from application.” Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: “Hurdles in this transaction included getting the lender comfortable with the secondary markets that some of the properties are located in. The quality of the sponsorship gave the lender additional comfort to retain the mezzanine portion of the loan.” 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. |