SOURCE: Sonnenblick-Eichner Company
BEVERLY HILLS, CA--(Marketwired - Feb 18, 2014) - Sonnenblick-Eichner Company announced today that it has arranged $24,650,000 of first mortgage financing for Hotel Murano, a 319-room, full service hotel located in the Central Business District of Tacoma, Washington. The hotel has earned the Forbes 4-Star Award, one of only four hotels in the state of Washington to do so. Funded by a Wall Street investment bank, the interest rate on the new 10-year facility is fixed, and is non-recourse to the borrower.
The 26-story hotel has 24,000 square feet of meeting space and is located adjacent to the Greater Tacoma Convention and Trade Center. The hotel is within close proximity to over six million square feet of office space. The Tacoma Dome, The University of Puget Sound, and numerous museums and leisure activities are located nearby.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "The borrower was able to take advantage of a favorable interest rate by executing a forward rate lock with the lender. This loan refinanced an interim loan that we placed on the property in 2006."
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.