Financing for the Marriott Monterey Hotel in Monterey, California
ANGELES, CA – September 13, 2006 - Sonnenblick-Eichner Company announced
today that it has arranged $61,500,000 in first mortgage financing for
the Marriott Monterey Hotel located in downtown Monterey, California.
The financing was a 10-year fixed rate loan priced in the low 100 bps range
over the 10-year treasury. The loan was interest-only for the entire
term with no amortization payments and was provided by a European-based
The 10-story, 341-room hotel is located adjacent to the Monterey Conference Center within the heart of the retail district of downtown Monterey. The AAA-rated Four-Diamond hotel contains approximately 16,500 square feet of meeting space, a spa, two restaurants, and subterranean parking for 142 cars. Monterey is home to the Monterey Aquarium and Cannery Row and within close proximity to the world famous Pebble Beach golf links. The Monterey area hosts over 4 million visitors per year and is one of the premier tourist destinations in the country.
Elliot Eichner, principal of Sonnenblick-Eichner Company commented, “This loan was competitively bid by several institutional lenders. The borrower ultimately chose a loan that significantly increased their annual cash flow due to the interest-only structure of the financing.”
Patrick Brown, also a principal of Sonnenblick-Eichner Company, added, “Given the strength of the hotel debt capital markets and the hotel’s strong historical operating performance, we were able to convince the lender to use projected cash flow instead of the trailing twelve in order to achieve maximum loan proceeds.”
About Sonnenblick-Eichner Company
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.
|Also See:||Sonnenblick-Eichner Company Completes $40 million Sale of the Coast Santa Cruz Hotel in Santa Cruz, California / September 2006|
|Sonnenblick-Eichner Company Arranges $41.5 million of First Mortgage Financing for the Maui Coast Hotel in Maui, Hawaii / June 2006|
|Sonnenblick-Eichner Company Arranges $236 million in Construction Financing for Viceroy Anguilla Resort and Residences, Anguilla, B.W.I. / June 2006|
|Sonnenblick-Eichner Company Arranges $67 million of First Mortgage Financing for Charleston Place, Charleston, South Carolina / March 2006|
|Sonnenblick-Eichner Company Arranges Permanent Financing for The Crowne Plaza Hotel in Phoenix, Arizona / February 2006|
|Sonnenblick-Eichner Company Arranges $54 million of Leasehold Renovation Financing for The Sheraton Park Hotel at the Anaheim Resort, Anaheim, California / February 2006|
|Sonnenblick-Eichner Company Arranges $58.5 million of Long Term Financing for the Benson Hotel and Paramount Seattle Hotel / January 2006|
|Sonnenblick-Eichner Company Arranges $44 million in Financing for National Hotel Portfolio / January 2006|
|Sonnenblick-Eichner Company Arranges $68,500,000 in Financing for Two California Hotels / April 2005|
|Sonnenblick-Eichner Company Arranges $17.6 Million in Financing for Hilton Tampa Westshore in Tampa Bay, Fla. / January 2005|