SOURCE: Sonnenblick-Eichner Company
BEVERLY HILLS, CA--(Marketwired - Apr 15, 2014) - Sonnenblick-Eichner Company announced today that it has arranged $13,500,000 of first mortgage financing for Hotel Mazarin, located in the heart of the world famous French Quarter District of New Orleans, Louisiana. Funded by a money center commercial bank, the non-recourse 10-year loan has a fixed interest rate of less than 5%.
The 102-room, upscale boutique hotel underwent an extensive renovation in 2011 and 2012, which included completely upgrading the rooms, meeting spaces, and common areas. As a result of the renovation, the hotel is now ranked #1 of 149 hotels in New Orleans on TripAdvisor.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "We were successful in having the lender underwrite on a cash flow projection 90 days forward in order to maximize loan proceeds, as the property was stabilizing post-renovation."
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: "Demonstrating the continued liquidity and competitiveness in the market today for hotel debt financing, we generated 15 quotes for this transaction."
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-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.