SOURCE: Sonnenblick-Eichner Company

September 11, 2007 11:00 ET

Sonnenblick-Eichner Company Arranges $33,000,000 of First Mortgage Financing for Hilton Fort Lee at the George Washington Bridge, Fort Lee, New Jersey

LOS ANGELES, CA--(Marketwire - September 11, 2007) - Sonnenblick-Eichner Company announced today that it has arranged $33 million of first mortgage financing for the fee simple interest in the Hilton Fort Lee at the George Washington Bridge, a Three-Star full-service hotel located in Fort Lee, New Jersey.

The 14-story, 237-room hotel is located approximately two miles west of Manhattan and is the closest hotel to the George Washington Bridge. The property offers its guests convenient access to Manhattan and the commercial districts of northern New Jersey. Amenities at the hotel include approximately 7,500 square feet of meeting and banquet facilities, two restaurants, a lobby lounge, and on-site parking for approximately 600 cars.

Sonnenblick-Eichner Company arranged a 10-year fixed-rate, non-recourse mortgage from a European-based investment bank. The loan payments are interest-only for the first 5 years.

Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "The new 10-year mortgage refinances a loan that carried a significantly higher interest rate and shorter amortization schedule. The borrower was able to lower the debt service payments, have a 5-year period of interest-only payments, and realize pent-up equity as a result of the refinancing."

Aaron Lerner, a Vice President of Sonnenblick-Eichner Company, added, "We were successful in working through several new underwriting challenges resulting from the recent volatility in the capital markets. By leveraging our company's relationships with capital providers, we were able to complete this loan without incurring modifications to the terms of the loan during the closing process."

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.

Contact Information

  • Media Contact:
    Colette Schamet
    Telephone: 310-286-7700

Multimedia