Sonnenblick-Eichner Company Arranges $41,100,000 of First Mortgage Financing for Two Properties
January 15, 2014 8:10am
Beverly Hills, California - January 15, 2014 - Sonnenblick-Eichner Company announced today that it has arranged $41,100,000 of first mortgage acquisition financing for the Hilton Concord and Sheraton Orlando North hotels, located in Concord, California and Maitland, Florida, respectively. The LIBOR-based loan was funded by a money center commercial bank.
The Hilton Concord is an 11-story, 329-room, full service hotel that was recently recognized by the Governor of the State of California for the Governor's Environmental and Economic Leadership Awards (GEELA), the first Hilton branded hotel to win this award, California's highest and most prestigious environmental honor.
The 390-room Sheraton Orlando North was significantly renovated from 2006 to 2011, positioning it as one of the better hotels in this Orlando sub-market. An additional renovation and the appointment of Interstate Hotels and Resorts as hotel manager will allow the Sheraton to further realize its full potential profitability.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "This financing provided for a recapitalization of a portion of the borrower's existing equity investment and prepayment flexibility to execute their business plan."
The borrower is a partnership comprised of Waramaug Hospitality, Interstate Hotels and Resorts, and Vӓrde Partners.
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Contact: Colette Schamet
(310) 286-7700 x 108
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