SOURCE: Sonnenblick-Eichner Company
BEVERLY HILLS, CA--(Marketwired - Jan 28, 2014) - Sonnenblick-Eichner Company announced today that they have arranged $111,000,000 of first mortgage financing for The Shops at Canal Place, located in the central business district of New Orleans, Louisiana. Funded by a Wall Street investment bank, the new 10-year loan has a fixed interest rate of less than 5 percent with interest-only payments for the first 3 years of the loan.
Situated adjacent to the historic French Quarter in the heart of the city, this 214,256-square-foot enclosed regional mall, is part of the 2.15 million-square-foot, mixed-use Canal Place development that includes a 438-room Westin Hotel, a 32-story, 641,415-square-foot office building and a 1,606 car parking garage.
The Shops at Canal Place is regarded as the most exclusive high-end shopping destination in the Gulf South. Anchored by a 108,460-square-foot Saks Fifth Avenue, The Shops at Canal Place is home to many exclusive, high-end, boutique retailers including Tiffany, Armani, Anthropologie, and Lululemon. With sales of approximately $900 per square foot, the Saks Fifth Avenue store is among the top performers in the chain.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "The loan was sized at a 7.57% debt yield, the lowest debt yield on record for a securitized mall financing."
David Sonnenblick, also a Principal at Sonnenblick-Eichner Company, added, "This loan, which was very competitively bid, took out a financing we placed on this asset in 2005. We continue to see the capital markets being very competitive for quality real estate assets with sub 5% pricing still available for long term debt."
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. For more information see www.sonneich.com.