| Los Angeles, CA � June 21, 2006 - Sonnenblick-Eichner Company announced
today that it has arranged $236,000,000 in construction financing for the
Viceroy Anguilla Resort and Residences located on the Caribbean island
of Anguilla in the British West Indies. The financing was obtained
from a U.S. money center bank and closed without any syndication contingencies.
.  The financing follows two other facilities arranged by Sonnenblick-Eichner Company including the initial land loan for the acquisition of the unentitled development site. The project is being developed by Los Angeles based Kor Hotel Group and Lubert-Adler. Upon completion, the Five-Star $300 million development will offer 172 fully furnished luxury units including oceanfront villas, townhouses, condominiums, and a 90-room hotel. Amenities at the resort will include a full service spa, restaurants and bars, three infinity edge pools and tennis courts. Elliot Eichner, principal of Sonnenblick-Eichner Company commented, �Kor has tremendous vision and instinct to develop a world class resort of this magnitude on Anguilla where this scope of development has previously not been executed. Their level of pre-sales validates the success of the development.� David Sonnenblick, also a principal of Sonnenblick-Eichner Company added, �Due to the tremendous amount of capital available in the marketplace, coupled with the quality of the project and development team, we were able to obtain non-recourse construction financing proposals from multiple institutional lenders. The borrower decided to pursue a financing that had no syndication contingencies and could close in less than forty five days. �
Sonnenblick-Eichner Company (www.sonneich.com) is a Los Angeles based real estate investment banking firm that specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing as well as joint-venture equity transactions. The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types including retail, office, hospitality, industrial, and multifamily properties. |
