Beverly Hills, California – March 7, 2017 – Sonnenblick-Eichner Company has arranged $41,000,000 of first mortgage financing for Hotel Eastlund located in Portland, Oregon.
The financing was a non-recourse, 10-year fixed rate loan provided by an international money center bank.
Elliot Eichner, Principal of Sonnenblick-Eichner Company commented, “The hotel recently completed an extensive renovation and rebranding and had limited operating history at the time of the closing of the new loan. By underwriting the most recent trailing 12-month cash flow, we were able to maximize loan proceeds. We were also successful in negotiating two years of interest-only payments.”
“This new loan takes out an acquisition and construction loan that we previously arranged for the ownership,” added Patrick Brown, also a principal of Sonnenblick-Eichner Company.
Located across the street from the Oregon Convention Center in the burgeoning Lloyd District of Portland, Oregon, Hotel Eastlund is a 6-story, 168-room boutique hotel whose amenities include approximately 4,800 square feet of meeting and banquet space, the Altabira City Tavern and Citizen Baker, a rooftop deck, and business and fitness centers. The Hotel also includes approximately 1,000 square feet of street level retail space and on-site parking for approximately 131 cars. Hotel Eastlund ranks in the top 10% of Hotels in Portland on TripAdvisor and was recognized as one of Travel & Leisure magazine’s 2016 “17 Coolest New Urban Hotels in the Country.”