Beverly Hills, California – May 24, 2016 – Sonnenblick-Eichner Company announced today that it has arranged $38,000,000 of first mortgage leasehold financing for Marina del Rey Hotel, a 164-room, full service, luxury boutique hotel located on the water in Marina del Rey, California. The hotel underwent a $28 million renovation and reopened in January of 2015.
The three-story property features 6,291 square feet of meeting space, SALT Restaurant & Bar, a heated year-round infinity pool and spa, a marina view sundeck, business center, and a 24-hour fitness center.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, “We were successful in arranging a 10-year fixed rate loan, sized to a 10% debt yield with the hotel being fully operational for less than 12 months. The loan provided for interest-only payments for the entire term.”
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: “Though the property had limited operating history, the loan was fully funded at closing and did not require an earn-out provision.”