hotel mortgage financing

/Tag: hotel mortgage financing

hotel mortgage financing

Sonnenblick-Eichner Company Arranges $21,000,000 of First Mortgage Leasehold Financing for Palihotel Seattle, Washington

Sonnenblick-Eichner Company | May 14, 2019

Beverly Hills, CA (May 14, 2019) – Sonnenblick-Eichner Company announced today that it has arranged $21 million of non-recourse first mortgage leasehold financing, on behalf of a partnership between Los Angeles based Lighthouse Investments, LLC and KCB Management, for the 96-room Palihotel Seattle. Operated by Palisociety, the hotel is located across the street from the world-famous Pike Street Market in downtown Seattle, WA. The newly renovated hotel opened in November of 2018 and the initial funding was sized to a debt yield less than 6% on the first year's projected net operating income. The five-year interim loan also provided...

Spirides Arranges $7.8 Million Hotel Construction Loan for New Holiday Inn Express in Rock Hill, SC

Spirides Hospitality Finance Company | October 26, 2018

TAMPA, FL—Spirides Hospitality Finance Company has successfully arranged, and its client has closed a $7.8 million construction and term first priority mortgage loan from a southeast U.S. headquartered bank to finance the development of a new Holiday Inn Express in Rock Hill, South Carolina. This soon to be built Holiday Inn Express will feature 92 guest rooms and suites in a 5-story building situated on 1.4 acres of land. It will be located at 680 Tinsley Way, just off of Interstate 77 at the Dave Lyle Boulevard exit, in the City of Rock Hill, York County, SC, which is part of the Charlotte, NC metropolitan area. The hotel will b...

Sonnenblick-Eichner Company Arranges $135,780,000 of Financing for a Portfolio of Cooper Hotels

Sonnenblick-Eichner Company | September 19, 2017

Beverly Hills, California, September 19, 2017 - Sonnenblick-Eichner Company announced today that it has arranged $135,780,000 of non-recourse, first mortgage financing for 11 of Memphis-based Cooper Hotels' properties totaling 2,037 rooms. The hotels include full service, select service, extended stay and limited service hotels located in Florida, Michigan, and Tennessee, all branded by Hilton. The 5-year floating rate loan was underwritten to a 70% loan-to-value and pays on an interest-only basis for the entire term. The portfolio includes the following properties: Hilton Naples, Naples, Florida Hilton Orlando/Altamonte Springs, Alt...

Sonnenblick-Eichner Company Arranges $41,000,000 of First Mortgage Financing for Hotel Eastlund, Portland, Oregon

Sonnenblick-Eichner Company | March 7, 2017

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 negotiatin...

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