SOURCE: Sonnenblick-Eichner Company
BEVERLY HILLS, CA--(Marketwired - Mar 11, 2014) - Sonnenblick-Eichner Company announced today that it has arranged $14,700,000 of first mortgage financing for the Sanctuary Beach Resort, a 60-room oceanfront resort located in Marina, California. The 10-year, non-recourse fixed rate loan included interest-only payments for the first 5 years of the term and was funded by a money center commercial bank.
The Sanctuary Beach Resort is located immediately off scenic Highway 1, 10 minutes north of Monterey, an internationally-renowned California destination for vacation and corporate retreats. The Monterey Peninsula offers world-class attractions including a picturesque coastline, sophisticated arts and culture, championship golf courses, the internationally acclaimed Monterey Bay Aquarium, and a moderate year-round climate.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "The borrower recognized that paying the loan off prior to maturity and extending the term for an additional 10 years more than offset the cost of the prepayment penalty."
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, commented, "Given the competitive nature of the debt market for hospitality, we had in excess of 15 financing quotes all of which made no distinction between a boutique abranded hotel."
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.