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