Beverly Hills, California – July 21, 2021 – Sonnenblick-Eichner Company announced today that it has arranged $38,000,000 of interim first mortgage leasehold financing for The Portofino Hotel & Marina, a 161-room full-service hotel located in Redondo Beach, California. The new five-year floating-rate LIBOR-based loan replaces a maturing loan.
The hotel features a full-service restaurant and lounge, lobby bar and indoor/outdoor meeting and event space. Amenities also include an outdoor pool, a jacuzzi and a fitness and business center. The property includes a 181-slip marina and 19 apartments.
The hotel is located within Los Angeles’ South Bay, and the beach communities of Hermosa Beach, Manhattan Beach, El Segundo and Redondo Beach, some of the wealthiest communities in the greater Los Angeles area. The hotel is also within close proximity to major employment centers including the “Rosecrans Corridor” and “Silicon Beach”.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, “We were successful in getting the lender comfortable with the ramp-up of the property to pre-COVID levels as well as the short term remaining on the ground lease.”
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: “While leasehold financing can present underwriting challenges, we were able to attract multiple institutional lenders who had an interest in providing this financing.”