Sonnenblick-Eichner Arranges $14,700,000 First Mortgage Financing For Sanctuary Beach Resort
March 12, 2014 2:49am
Beverly Hills, California - March 12, 2014 - Sonnenblick-Eichner Company announced today that it has arranged $14,700,000 of first mortgage financing for the Sanctuary Beach Resort, a 60-room oceanfront resort located in Marina, California. The 10-year, non-recourse fixed rate loan included interest-only payments for the first 5 years of the term and was funded by a money center commercial bank.
The Sanctuary Beach Resort is located immediately off scenic Highway 1, 10 minutes north of Monterey, an internationally-renowned California destination for vacation and corporate retreats. The Monterey Peninsula offers world-class attractions including a picturesque coastline, sophisticated arts and culture, championship golf courses, the internationally acclaimed Monterey Bay Aquarium, and a moderate year-round climate.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "The borrower recognized that paying the loan off prior to maturity and extending the term for an additional 10 years more than offset the cost of the prepayment penalty."
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, commented, "Given the competitive nature of the debt market for hospitality, we had in excess of 15 financing quotes all of which made no distinction between a boutique and branded hotel."
Contact: Colette Schamet
(310) 286-7700 x 108
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