Sonnenblick-Eichner Arranges $13,500,000 of First Mortgage Financing for Hotel Mazarin, New Orleans
April 15, 2014 11:56pm
Beverly Hills, California - April 16, 2014 - Sonnenblick-Eichner Company announced today that it has arranged $13,500,000 of first mortgage financing for Hotel Mazarin, located in the heart of the world famous French Quarter District of New Orleans, Louisiana. Funded by a money center commercial bank, the non-recourse 10-year loan has a fixed interest rate of less than 5%.
The 102-room, upscale boutique hotel underwent an extensive renovation in 2011 and 2012, which included completely upgrading the rooms, meeting spaces, and common areas. As a result of the renovation, the hotel is now ranked #1 of 149 hotels in New Orleans on TripAdvisor.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "We were successful in having the lender underwrite on a cash flow projection 90 days forward in order to maximize loan proceeds, as the property was stabilizing post-renovation."
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: "Demonstrating the continued liquidity and competitiveness in the market today for hotel debt financing, we generated 15 quotes for this transaction."
Contact: Colette Schamet
(310) 286-7700 x 108
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