Beverly Hills, California, September 10, 2015 – Sonnenblick-Eichner Company announced today that it has arranged $153,150,000 of 10-year fixed rate, first mortgage financing for a portfolio of 10 properties totaling 739 rooms. The loans were non-recourse and are not cross-collateralized. The portfolio is comprised of a unique collection of oceanfront hotels located on the central coast of California, as well as properties in Venice, Marina del Rey and Manhattan Beach, California, and a property in Port St. Lucie, Florida.
The portfolio includes the following properties:
- Fireside Inn on Moonstone Beach, Cambria, California
- FogCatcher Inn, Cambria, California
- Pelican Inn & Suites, Cambria, California
- Cottage Inn by the Sea, Pismo Beach, California
- Sandcastle Inn, Pismo Beach, California
- Spyglass Inn, Pismo Beach, California
- Inn at Venice Beach, Venice, California
- Inn at Marina del Rey, Marina del Rey, California
- The Belamar Hotel, Manhattan Beach, California
- Hilton Garden Inn at PGA Village, Port St. Lucie, Florida
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, “The borrower chose to refinance a majority of the loans prior to maturity. The cost of prepayment was mitigated by the lower cost of capital and the risk associated with the potential of higher interest rates in the future. The Borrower also realized pent-up equity they had in the portfolio.”
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: “We were engaged to refinance loans we had previously arranged for the Borrower. Through our marketing efforts we were able to source financing quotes from multiple capital sources. The Borrower ultimately selected a CMBS execution to maximize proceeds and full term interest-only for most of the loans.”
