Contact Information: Media contact: Colette Schamet 310-286-7700
Sonnenblick-Eichner Company Arranges $19,300,000 of Acquisition Financing for Hotel Fifty, Portland, Oregon
| Source: Sonnenblick-Eichner Company
LOS ANGELES, CA--(Marketwire - December 11, 2007) - Sonnenblick-Eichner Company
(www.sonneich.com) announced today that it has arranged $19.3 million of
first mortgage acquisition and renovation financing for the Hotel Fifty
located in downtown Portland, Oregon.
The Hotel Fifty, formerly the Four Points by Sheraton Downtown Portland, is
a 5-story, 140-room hotel which will be completely renovated and re-branded
to an upscale, independent full service boutique hotel. The loan provides
funds to complete an extensive $7 million renovation which will include a
redesign of the exterior, an upgrade of the restaurant and lounge, and a
complete remodel of the hotel's guestrooms, bathrooms, and common areas.
The non-recourse loan has a term of 5-years and floats over LIBOR.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented,
"This financing illustrates that a transaction with quality sponsorship and
a focused business plan can still be financed in the marketplace today. We
were successful in securing a non-recourse loan in a turbulent capital
markets environment."
Aaron Lerner, a Vice-President of Sonnenblick-Eichner Company, added, "Our
exclusive focus on real estate finance and daily interactions with the
capital markets enabled us to successfully secure several competitive loan
offers and complete the acquisition within our client's time frame."
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (www.sonneich.com) is a Los Angeles-based real
estate investment banking firm that specializes in arranging structured
finance for acquisition, construction and permanent loans, interim and
mezzanine financing as well as joint venture equity transactions. The
company is recognized for its expertise in marketing institutional real
estate for sale and providing capital for all product types including
retail, office, hospitality, industrial, and multifamily properties.
