Trending...
- Southern Soul Artist Moe Z Releases New Single 'Set It Out' Distributed by Morris Day Entertainment
- Cal State LA secures funding for two artificial intelligence projects from CSU
- Skool Alternatives Reddit: Skool vs Circle vs Whop - Did you join one yet?
BEVERLY HILLS, Calif. - Californer -- Sonnenblick-Eichner Company has arranged $38 million of interim first mortgage leasehold financing for The Portofino Hotel & Marina, a 161-room, full-service hotel located in Redondo Beach, CA. The new five-year floating rate LIBOR-based loan replaces a maturing loan and provides interest carry through stabilization.
The hotel features a full-service restaurant and lounge, lobby bar and indoor/outdoor meeting and event space. Amenities also include an outdoor pool, a jacuzzi and a fitness and business center. The property includes a 181-slip marina and 19 apartments.
The hotel is located within Los Angeles' South Bay, and the beach communities of Hermosa Beach, Manhattan Beach, El Segundo and Redondo Beach, some of the wealthiest communities in the greater Los Angeles area. The hotel is also within close proximity to major employment centers including the "Rosecrans Corridor" and "Silicon Beach".
More on The Californer
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "We were successful in getting the lender comfortable with the ramp-up of the property to pre-COVID levels as well as the short-term remaining on the ground lease."
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: "While leasehold financing can present underwriting challenges, we were able to attract multiple institutional lenders who had an interest in providing this financing."
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (http://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.
The hotel features a full-service restaurant and lounge, lobby bar and indoor/outdoor meeting and event space. Amenities also include an outdoor pool, a jacuzzi and a fitness and business center. The property includes a 181-slip marina and 19 apartments.
The hotel is located within Los Angeles' South Bay, and the beach communities of Hermosa Beach, Manhattan Beach, El Segundo and Redondo Beach, some of the wealthiest communities in the greater Los Angeles area. The hotel is also within close proximity to major employment centers including the "Rosecrans Corridor" and "Silicon Beach".
More on The Californer
- Yvette Kendall Secures $6 Million Deal with The Sessions Studios for Horror Thriller, "NORTH"
- Buy The Crave Launches Premium Creatine and Natural Wellness Supplements for Modern Lifestyles
- Long Beach Parks, Recreation and Marine's Homeland Cultural Center Presents DanceFest at Cesar Chavez Park Amphitheater on August 16
- Sisu, a Portrait of Grit, Connection and Triumph, Premieres on Documentary Showcase
- New Liz Taylor Book Coming Soon: Chasing Elizabeth Taylor
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "We were successful in getting the lender comfortable with the ramp-up of the property to pre-COVID levels as well as the short-term remaining on the ground lease."
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: "While leasehold financing can present underwriting challenges, we were able to attract multiple institutional lenders who had an interest in providing this financing."
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (http://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.
Source: Sonnenblick-Eichner Company
Filed Under: Real Estate
0 Comments
Latest on The Californer
- For Artificial Intelligence Appreciation Day: Celebrate it with a poem about AI called "Robot Love"
- City of Long Beach Shares Federal Funding Updates and Local Impacts
- The Sessions Studios Secures $300 Million Commitment to Launch World-Class Studio and 15-Film Global Slate
- Fortrea Holdings Inc. (FTRE) Investors Who Lost Money Have Opportunity to Lead Securities Fraud Lawsuit
- Two themes emerge in Marketing AI
- California: Governor Newsom restructures state government to combat homelessness, boost housing and affordability
- Smart Resnse Unveils Smart Resnse(SRMS) Token-Powered AI Orchestration Platform to Revolutionize Multi-Billion Dollar Market
- Josh and Heidi Follow Up the Much Anticipated and Successful Launch of the "Spreading the Good BUZZ" Podcast with a Personal Request
- Revolutionary Blockchain Platform Okh Finance Announces Okh Finance(OKKH) Token Launch to Transform Global Asset Leasing Market
- Cover Girl Finalist Teisha Mechetti Questions Legitimacy of Inked Originals Competition, Demands Transparency
- City of Long Beach Opens Applications for Cannabis Equity Program
- Ridgeback Lighting Launches Battery-Free EBL LED Emergency and Egress Light
- Long Beach: Health Department Announces Certification of 32 Community Violence Intervention Workers
- Easton & Easton, LLP Files Suit Against The Dwelling Place Anaheim & Vineyard USA Over Abuse Allegations
- AI Visibility: The Key to Beating Google's AI Overviews and Regaining Traffic
- First Partner highlights apprenticeship program helping underrepresented youth break into careers in California's iconic entertainment industry
- Stuck Doing Math or Figuring Out Life's Numbers? Calculator.now Makes It Stupidly Simple
- Cal State LA secures funding for two artificial intelligence projects from CSU
- Colbert Packaging Announces WBENC Recognition
- New Mobile Car Detailing Platform Connects Drivers with On-Demand Local Pros