SOURCE: Sonnenblick-Eichner Company
BEVERLY HILLS, CA--(Marketwired - Jan 14, 2014) - Sonnenblick-Eichner Company announced today that it has arranged $41,100,000 of first mortgage acquisition financing for the Hilton Concord and Sheraton Orlando North hotels, located in Concord, California and Maitland, Florida, respectively. The LIBOR-based loan was funded by a money center commercial bank.
The Hilton Concord is an 11-story, 329-room, full service hotel that was recently recognized by the Governor of the State of California for the Governor's Environmental and Economic Leadership Awards (GEELA), the first Hilton branded hotel to win this award, California's highest and most prestigious environmental honor.
The 390-room Sheraton Orlando North was significantly renovated from 2006 to 2011, positioning it as one of the better hotels in this Orlando sub-market. An additional renovation and the appointment of Interstate Hotels and Resorts as hotel manager will allow the Sheraton to further realize its full potential profitability.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "This financing provided for a recapitalization of a portion of the borrower's existing equity investment and prepayment flexibility to execute their business plan."
The borrower is a partnership comprised of Waramaug Hospitality, Interstate Hotels and Resorts, and Varde Partners.
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.