SOURCE: Sonnenblick-Eichner Company
BEVERLY HILLS, CA--(Marketwired - Apr 23, 2013) - Sonnenblick-Eichner Company announced today that it has arranged $34,000,000 of first mortgage financing for a 3-property hotel portfolio totaling 829 rooms. The full-service hotels are branded by Starwood Hotels and Resorts Worldwide and Intercontinental Hotels and Resorts.
The hotels, located in Florida, Colorado, and Ohio include the following properties:
- Sheraton Tampa East, Tampa, Florida
- Sheraton Denver Tech Center, Denver, Colorado
- Crowne Plaza Columbus North, Columbus, Ohio
The 5-year, LIBOR-based floating rate facility has an interest rate of less than 4 percent, and is interest-only during the initial 36-month term. The loan was originated from a U.S. based, money center commercial bank.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "The properties were recently acquired and renovated for all-cash, and presented a challenge since the cash flow was in the initial stages of ramp-up. Given the excellent sponsorship and equity invested to date, we were successful in having the lender underwrite to a forward projection."
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: "Due to the liquidity in the capital markets today for hospitality financing, we were able to solicit multiple non-recourse loan offers."
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.