Sonnenblick-Eichner Company Arranges $135,780,000 of Financing for a Portfolio of Cooper Hotels
September 19, 2017 6:52am
Beverly Hills, California, September 19, 2017 - Sonnenblick-Eichner Company announced today that it has arranged $135,780,000 of non-recourse, first mortgage financing for 11 of Memphis-based Cooper Hotels’ properties totaling 2,037 rooms. The hotels include full service, select service, extended stay and limited service hotels located in Florida, Michigan, and Tennessee, all branded by Hilton.
The 5-year floating rate loan was underwritten to a 70% loan-to-value and pays on an interest-only basis for the entire term.
The portfolio includes the following properties:
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, “The Cooper Hotels portfolio was marketed for both a fixed and floating rate execution. Ultimately, our client opted for a floating rate loan affording them maximum flexibility with respect to prepayment. Given the viability of the cash flow, excellent sponsorship, and ongoing capital investment in the properties, we had significant lender interest in the recapitalization.”
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: “As a testament to our longstanding client relationships, this is the 3rd financing that we arranged for Cooper Hotels.”
Tags: sonnenblick-eichner company,
hotel mortgage financing,
Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-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.
Contact: Colette Schamet
(310) 286-7700 x 108
Cooper Hotels is a privately owned hotel development and management company based in Memphis, Tennessee. Its portfolio includes 20 hotels in five states. The company operates primarily Hilton and InterContinental Hotels Group brand properties. For more information on Cooper Hotels, visit cooperhotels.com.
Spirides Arranges $5 Million Hotel Construction Loan for New Holiday Inn Express in Latta, SC
Aztec Group Arranges $42 Million Construction Financing for Concord Hospitality’s Marriott Autograph Collection Hotel in West Palm Beach, FL
Sonnenblick-Eichner Company Arranges $60,000,000 of Financing for The St. Regis Deer Valley, Park City, Utah
Sonnenblick-Eichner Company Arranges $110,000,000 of First Mortgage Financing for InterContinental San Francisco
Sonnenblick-Eichner Company Arranges $22,000,000 of First Mortgage Financing for Shops at the Pier, on Behalf of Provenance Hotels and Bolour Associates, in Hermosa Beach, California
Sonnenblick-Eichner Company Arranges $35,000,000 of First Mortgage Financing for The Inn at the Market, Seattle, Washington
Sonnenblick-Eichner Company Arranges $16,750,000 of First Mortgage Acquisition Financing for the Normandy Hotel, Washington, D.C.
Public Involvement in Convention Center Hotel Financing
Hospitality Funding, Inc. Arranged Funding for the Acquisition of the Comfort Suites Arlington, Texas
Hospitality Funding Advises Cambria Hotels Expansion in Sonoma County, California
Sonnenblick-Eichner Company Arranges $41,000,000 of First Mortgage Financing for Hotel Eastlund, Portland, Oregon
Sonnenblick-Eichner Company Arranges $92,000,000 of First Mortgage Financing for a Portfolio of Four Hotels Located in Texas, Virginia, Pennsylvania and New York
Hospitality Funding Arranges $12.6 Million Acquisition Loan for Plantation, Florida Hotel
Sonnenblick-Eichner Company Arranges $75,000,000 of First Mortgage Leasehold Financing for Cavallo Point-The Lodge at the Golden Gate in Sausalito, California
Sonnenblick-Eichner Company Arranges $38,000,000 of First Mortgage Leasehold Financing for Marina Del Rey Hotel, Marina Del Rey, California
Sonnenblick-Eichner Company Arranges $65 Million of First Mortgage Financing for the Marriott Monterey Hotel in Monterey, CA
Three Secrets Your CMBS Banker Does Not Want You to Know
Sonnenblick-Eichner Company Arranges $27,000,000 of First Mortgage Financing for Cedarbrook Lodge, SeaTac - Seattle, Washington
Sonnenblick-Eichner Company Arranges $236,750,000 of First Mortgage Financing for Seven Provenance Hotels
Sonnenblick-Eichner Company Arranges $65,200,000 of First Mortgage Financing for the Hyatt House Seattle Redmond, Washington and The Hyatt House Seattle Bellevue, Washington
Please login or register to post a comment.