BEVERLY HILLS, Calif., Nov. 28, 2017 – Sonnenblick-Eichner Company has arranged $35,000,000 of first mortgage financing for the iconic 76-room luxury boutique Inn at the Market hotel in Seattle, Washington.
The hotel is located at the world-famous Pike Place Market, the most popular and recognizable destination in downtown Seattle. The hotel is currently ranked #1 of 100 hotels on TripAdvisor in Seattle.
The financing, provided by a Wall Street investment bank, was a non-recourse, 10-year fixed rate loan with 5 years of interest-only payments.
The Inn at the Market has historically been a rate leader in the downtown Seattle market. Amenities include four restaurants, four high-end retail outlets, and a rooftop deck with views of Elliott Bay, the Puget Sound, and the Olympic Mountains.
Elliot Eichner, Principal of Sonnenblick-Eichner Company, commented, “The loan recapitalized our client’s recent all-cash purchase of a controlling interest in the ownership entity. Given the location of the property adjacent to Pike Place Market, that Seattle is the fastest growing major city in the U.S., and a recent capital investment of approximately $126,000 per key, we were able to obtain 20 competitive financing quotes.”
“The financing of approximately $460,000 per key is one of the highest in Seattle to-date,” commented Patrick Brown, also a Principal of Sonnenblick-Eichner Company.
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.