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
Sonnenblick-Eichner Company Arranges $65 Million of First Mortgage Financing for the Marriott Monterey Hotel in Monterey, CA
Sonnenblick-Eichner Company Arranges $27,000,000 of First Mortgage Financing for Cedarbrook Lodge, SeaTac - Seattle, Washington
Sonnenblick-Eichner Company Arranges $236,750,000 of First Mortgage Financing for Seven Provenance Hotels
Sonnenblick-Eichner Company Arranges $65,200,000 of First Mortgage Financing for the Hyatt House Seattle Redmond, Washington and The Hyatt House Seattle Bellevue, Washington
Sonnenblick-Eichner Arranges $49,655,000 of First Mortgage Financing for Beechwood Hotel Portfolio
Sonnenblick-Eichner Arranges $153,150,000 of First Mortgage Financing for Pacifica Hotel Portfolio
Sonnenblick-Eichner Company Arranges $265,000,000 of Financing for the JW Marriott Chicago
Sonnenblick-Eichner Arranges $14,700,000 First Mortgage Financing For Sanctuary Beach Resort
Sonnenblick-Eichner Arranges $24,650,000 of First Mortgage Financing for Hotel Murano, Tacoma, WA
Sonnenblick-Eichner Company Arranges $41,100,000 of First Mortgage Financing for Two Properties
Sonnenblick-Eichner Company Arranges $23M Financing for The Surfsand Resort in Cannon Beach, Oregon
Please login or register to post a comment.