Beverly Hills, California – November 28, 2017 – Sonnenblick-Eichner Company has arranged $35,000,000 of first mortgage financing for the iconic 76-room luxury boutique Inn at the Market hotel in Seattle, Washington.
The hotel is located at the world-famous Pike Place Market, the most popular and recognizable destination in downtown Seattle. The hotel is currently ranked #1 of 100 hotels on TripAdvisor in Seattle.
The financing, provided by a Wall Street investment bank, was a non-recourse, 10-year fixed rate loan with 5 years of interest-only payments.
The Inn at the Market has historically been a rate leader in the downtown Seattle market. Amenities include four restaurants, four high-end retail outlets, and a rooftop deck with views of Elliott Bay, the Puget Sound, and the Olympic Mountains.
Elliot Eichner, Principal of Sonnenblick-Eichner Company commented, “The loan recapitalized our client’s recent all-cash purchase of a controlling interest in the ownership entity. Given the location of the property adjacent to Pike Place Market, that Seattle is the fastest growing major city in the U.S., and a recent capital investment of approximately $126,000 per key, we were able to obtain 20 competitive financing quotes.”
“The financing of approximately $460,000 per key is one of the highest in Seattle to-date,” commented Patrick Brown, also a Principal of Sonnenblick-Eichner Company.