Sonnenblick-Eichner Company Arranges $50,000,000 of First Mortgage Financing for the Cliffs Hotel & Spa, Pismo Beach, California
Sonnenblick-Eichner Company | May 11, 2022
Beverly Hills, CA – May 11, 2022 – Sonnenblick-Eichner Company has arranged $50 million of long term fixed rate first mortgage financing for the Cliffs Hotel & Spa, a 162-room, full-service, luxury boutique hotel located on a bluff overlooking the Pacific Ocean in Pismo Beach, California. The non-recourse loan was funded by an investment bank and priced at 4.8 percent with interest-only payments for the entire term of the loan. Proceeds from the loan provided for a return of equity to the Borrower in order to purchase a partnership interest. Located along California’s central coast, the Cliffs Hotel & Spa features direct...
Sonnenblick-Eichner Company Arranges $17,750,000 of Interim First Mortgage Financing for The Normandy Hotel, Washington, D.C.
Sonnenblick-Eichner Company | January 28, 2020
Beverly Hills, California – January 28, 2020 – Sonnenblick-Eichner Company announced today that it has arranged $17,750,000 of interim first mortgage financing for The Normandy Hotel, a six-story, 75-room boutique hotel located in the upscale Kalorama district of Washington, D.C. The Kalorama district is one of Washington, D.C.’s most desirable neighborhoods, located just blocks from Dupont Circle, and minutes from the White House, Capitol Hill, Smithsonian Museums, National Zoo and the Walter E. Washington Convention Center. The non-recourse LIBOR-based loan has a term of 5 years and paid off an existing acquisition and renovation l...
Sonnenblick-Eichner Company Arranges Interim Leasehold First Mortgage Financing for Residence Inn by Marriott Walnut Creek, Walnut Creek, California
Sonnenblick-Eichner Company | January 15, 2020
Beverly Hills, CA – January 15, 2020 – Sonnenblick-Eichner Company has arranged interim first mortgage leasehold financing for the Residence Inn by Marriott Walnut Creek, located in Walnut Creek, CA. The non-recourse LIBOR-based loan funded upon completion of construction and the opening of the hotel. The Residence Inn by Marriott Walnut Creek is a 160-room, six-story, extended-stay hotel located in the heart of downtown Walnut Creek. The 77% loan-to-cost loan with a credit spread in the low 300s over LIBOR, provided a return of cash equity to the borrower and relieves them of the recourse obligations associated with the construction l...
Sonnenblick-Eichner Company Arranges $13,750,000 of Construction and Interim Financing for L’Horizon Resort & Spa, Palm Springs, CA
Sonnenblick-Eichner Company | October 23, 2019
Beverly Hills, CA (October 23, 2019) -- Sonnenblick-Eichner Company has arranged $13.75 million in construction and interim financing for the world-renowned L’Horizon Resort and Spa, a full-service, luxury resort located in Palm Springs, CA. The five-year LIBOR-based loan provides funds to refinance the existing debt on the 25-room resort as well as for the ground-up construction of an additional 24 bungalow-style guestrooms on an adjacent parcel. Widely considered one of the premiere destinations in Palm Springs, L’ Horizon Resort and Spa was ranked #1 Resort in the United States in 2018 and #2 in the world in 2019, according to Co...
Sonnenblick-Eichner Company Arranges $25,250,000 Financing for the Acquisition of Old No. 77 Hotel & Chandlery, New Orleans, Louisiana
Sonnenblick-Eichner Company | July 20, 2016
Beverly Hills, CA - July 20, 2016 – Sonnenblick-Eichner Company has arranged $25,250,000 of first mortgage debt to finance Provenance Hotel Partners' ("PHP") acquisition of Old No. 77 Hotel & Chandlery, a historic 167-room, full-service boutique hotel in New Orleans. PHP was part of the investment group that, in 2014, purchased and successfully rebranded the former Ambassador Hotel at 535 Tchoupitoulas in the city's Warehouse Arts District, only blocks from the French Quarter. The hotel re-launched as Old No. 77 & Chandlery in June 2015 following an extensive $14 million renovation. The hotel will be managed by Provenance ...
Sonnenblick-Eichner Company Arranges $65 Million of First Mortgage Financing for the Marriott Monterey Hotel in Monterey, CA
Sonnenblick-Eichner Company | April 12, 2016
Los Angeles, CA April 12, 2016 – Real estate investment banking firm Sonnenblick-Eichner Company has arranged $65 million of first mortgage debt for the refinancing of the 341-room Marriott Monterey Hotel in downtown Monterey, CA. The 10-year, fixed-rate financing was provided by a European Money Center bank and was underwritten at a debt yield below 10 percent. "The widening spreads in the bond market made finding attractive long-term CMBS debt very challenging," said Elliot Eichner, Sonnenblick-Eichner Company principal. "However, we were able to rely on our relationships with other domestic and off-shore lending sources, and th...
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