Trending...
- Bob Holz New Video with Darryl Jones of the Rolling Stones, Concert, Album and Endorsement
- Immediate Therapy for Urinary Incontinence in Women
- SHAREHOLDER ACTION ALERT: The Schall Law Firm Encourages Investors in Ryvyl Inc. with Losses of $100,000 to Contact the Firm
BEVERLY HILLS, Calif. - Californer -- Sonnenblick-Eichner Company announced today that it has arranged $22 million of non-recourse first mortgage financing for the leasehold interest in the Doubletree by Hilton Los Angeles-Commerce, a 201-room hotel located in the city of Commerce, approximately six miles southeast of downtown Los Angeles.
The five-year loan was placed with an international money-center bank at a fixed interest rate of 5.9% for the entire term. Proceeds were used to pay off a maturing CMBS loan and provided for a return of equity to the partnership.
Amenities at the hotel include a full-service restaurant and bar, and approximately 9,000 square feet of meeting and banquet space. The Hotel also features an outdoor pool and jacuzzi, Fitness Center, Business Center, and up to 420 surface parking spaces.
"We were successful in arranging a five-year fixed rate loan, which in this market is a preferred execution given the high short-term SOFR rate," said Elliot Eichner, a Principal of Sonnenblick-Eichner Company. "Fixing the rate mitigates the risk of increasing interest rates, as well as eliminating the need to purchase an interest-rate cap."
More on The Californer
"We were able to identify a lender that spent the time to work through and understand the complexities associated with leasehold financings," added Patrick Brown, also a Principal of Sonnenblick-Eichner Company.
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 hospitality, retail, office, industrial, and multifamily properties.
The five-year loan was placed with an international money-center bank at a fixed interest rate of 5.9% for the entire term. Proceeds were used to pay off a maturing CMBS loan and provided for a return of equity to the partnership.
Amenities at the hotel include a full-service restaurant and bar, and approximately 9,000 square feet of meeting and banquet space. The Hotel also features an outdoor pool and jacuzzi, Fitness Center, Business Center, and up to 420 surface parking spaces.
"We were successful in arranging a five-year fixed rate loan, which in this market is a preferred execution given the high short-term SOFR rate," said Elliot Eichner, a Principal of Sonnenblick-Eichner Company. "Fixing the rate mitigates the risk of increasing interest rates, as well as eliminating the need to purchase an interest-rate cap."
More on The Californer
- California: Governor Newsom Honors Two CHP Officers With Medal of Valor
- California: Governor Newsom Names Sean Duryee CHP Commissioner
- California: Governor Newsom Calls Out Big Oil on Continued Push for Drilling in Neighborhoods
- City of Long Beach to Provide Sanitation and Water Filling Services to People Living in Recreational Vehicles
- SHAREHOLDER ACTION ALERT: The Schall Law Firm Encourages Investors in Atlassian Corporation with Losses of $100,000 to Contact the Firm
"We were able to identify a lender that spent the time to work through and understand the complexities associated with leasehold financings," added Patrick Brown, also a Principal of Sonnenblick-Eichner Company.
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 hospitality, retail, office, industrial, and multifamily properties.
Source: Sonnenblick-Eichner Company
Filed Under: Real Estate
0 Comments
Latest on The Californer
- The estate of Shirley Baskin, co-founder of Baskin Robbins, is part of Andrew Jones' Feb. 22 auction
- Presto to Report Second Quarter 2023 Financial Results on February 14, 2023
- San Jose: City to Add Foster Youth Housing
- Bosco Tech to Host Internationally Acclaimed Educational Expert Dr. Michael G. Thompson on Feb. 27
- Governor Newsom Announces Designation of Three More California Jurisdictions as Prohousing for Strides Made to Accelerate Housing Production
- SEW Acquires 3Insys - Provider of an Agile iPaaS Integration Platform for the Energy and Utility industry
- Avirmax Biopharma Inc. Will Present at Glaucoma 360 New Horizons Forum 2023
- Max Verstappen Signs With EA Sports™
- Juicefly Offers High-Quality Vape Products in Los Angeles
- Flexiv Launches Revolutionary Force-Controlled Parallel Robot
- For the Tenth Consecutive Year, Persistent Ranked a Leader in Zinnov Zones Engineering Research and Development Services Ratings USA - English USA - English
- How moving online helped us scale regional meetups
- Shareholder Alert: Robbins LLP Informs Investors of Class Action Against Honda Motor Co., Ltd.
- ATEN Technology Empowers BYOD Collaboration with New Presentation Switches
- SET Announces Groundbreaking Solar Boost Technology
- Soft Treats That Older Dogs Can Sink Their Teeth Into
- California: Governor Newsom Announces Appointments 2.2.23
- The 10 Principles Of Economics And How They Can Benefit You
- HVAC Alliance Expert Offers Reliable Central Heating System Installation Across California and New York
- California: Governor Newsom on Fifth Circuit Court Ruling Allowing Domestic Violence Abusers to Possess Guns