SOURCE: Sonnenblick-Eichner Company

November 29, 2005 11:00 ET

Sonnenblick-Eichner Company Arranges $27.5 Million in Financing for the Northcoast Hotel Portfolio

SEATTLE, WA -- (MARKET WIRE) -- November 29, 2005 -- Sonnenblick-Eichner Company has arranged $27.5 million in first mortgage financing for three hotels in the state of Washington; The Roosevelt and the Coast Gateway Hotel located in Seattle, and the Coast Wenatchee Center Hotel in Wenatchee, WA. The three properties contain a total of 443 guest rooms.

The 151-room Roosevelt Hotel is located in the heart of downtown Seattle, one block from the Washington State Convention Center, and the Gateway property is located adjacent to the Sea-Tac International Airport. The Coast Wenatchee Hotel is the dominant full-service hotel in the city of Wenatchee and is connected to the Wenatchee Convention Center and Performing Arts Theatre by a covered sky bridge.

"Consistent with the predominance of our client's locking in long-term rates, the ownership of this portfolio paid off Libor-based financing in favor of a 10-year fixed rate deal," said Elliot Eichner, principal of Sonnenblick-Eichner Company. "The loan was written at a low 100 over treasury spread with a 30-year amortization schedule," he added.

About Sonnenblick-Eichner Company

Sonnenblick-Eichner Company, based in Los Angeles, 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.

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