Beverly Hills, CA (March 19, 2020) – Sonnenblick-Eichner Company announced today that it has arranged $20,500,000 of first mortgage financing for the 178-room Carriage Inn, located at the intersection of Burbank Boulevard and the San Diego Freeway (I-405) in Sherman Oaks, California. The non-recourse 10-year fixed rate loan was priced at 3.36%, with interest-only payments for the entire loan term.
The hotel, affiliated with the Best Western Plus brand, features meeting space, a pool and Jacuzzi, a fitness center and surface parking for 160 cars. The hotel is conveniently located within close proximity to Universal Studios/Hollywood, the Disney Studios, Six Flags Magic Mountain, the Getty Museum and Skirball Cultural Center.
Patrick Brown, a Principal of Sonnenblick-Eichner Company, commented: “This financing was very competitively bid culminating in 12 financing quotes. This was the second time we refinanced the property for the ownership group.”
Elliot Eichner, also a Principal of Sonnenblick-Eichner Company, added, “Our client recognized the benefit of refinancing the loan prior to maturity in order to take advantage of a low interest rate environment and extending their loan term for an additional 10 years.”