Beverly Hills, (February 26, 2019) – Sonnenblick-Eichner Company has arranged $26.5 million of interim first mortgage debt to refinance the Inn at the Pier, a new 104-room, full-service luxury boutique hotel located one-half block from the Pacific Ocean in the heart of Pismo Beach, California.
The non-recourse interim loan was provided by a debt fund. The loan was priced in the mid-300s over 30-day LIBOR and provided for a return of equity to the Borrower.
The Inn at the Pier, which opened in November of 2017, features a full-service restaurant, pool and spa, and the only roof-top bar in Pismo Beach. Other amenities include 1,200 square feet of meeting space, a state-of-the-art fitness facility and 2,637 square feet of street-level retail space. The hotel offers valet parking accommodating up to 128 cars. The Inn at the Pier’s central location adjacent to the Pismo Beach pier, provides convenient access to the beach and downtown tourist attractions including restaurants and other nightlife attractions.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, “Given the liquidity in the debt capital markets, the loan was competitively bid for a property with limited operating history since completion of construction.”
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: “The loan refinanced the construction loan that we arranged for the ownership.”