Beverly Hills, California – October 13, 2015 – Sonnenblick-Eichner Company announced today that it has arranged $49,655,000 of 10-year fixed rate financing for a portfolio of 4 properties totaling 477 rooms. The portfolio is comprised of four Hilton Garden Inns located in Wisconsin and North Dakota. The loans were non-recourse and are not cross-collateralized, and two of the four properties were leaseholds.

The portfolio includes the following properties:

  • Hilton Garden Inn Green Bay, Green Bay, Wisconsin
  • Hilton Garden Inn Appleton/Kimberly, Kimberly, Wisconsin
  • Hilton Garden Inn Oshkosh, Oshkosh, Wisconsin
  • Hilton Garden Inn Grand Forks-UND, Grand Forks, North Dakota

Patrick Brown, a Principal of Sonnenblick-Eichner Company, commented, “We were able to achieve pricing in the mid 4 percent range with 5 years of interest-only payments for secondary and tertiary markets.”

Elliot Eichner, also a Principal of Sonnenblick-Eichner Company, commented, “Consistent with many recent refinancing assignments, the borrower chose to refinance prior to maturity, paying prepayment penalties, and thereby locking in a lower cost of capital for 10 years.”