BEVERLY HILLS, CA — Sonnenblick-Eichner Company announced today that it has arranged $65,200,000 of first mortgage financing for the 149-room Hyatt House Seattle/Redmond and the 160-room Hyatt House Seattle/Bellevue, Washington.
The non-recourse 10-year fixed rate financing was priced in the low 4 percent range with interest-only payments for the first 5 years of the loan. The loans were not cross-collateralized.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, “We had tremendous lender interest in these transactions from both Wall Street investment banks and life insurance companies. The borrower chose a life insurance company execution giving them the ability to lock the rate at application while having the benefits of a portfolio lender.”
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: “The borrower financed prior to their current loan maturity incurring a prepayment cost. The fixed low interest rate loan we arranged more than offset the cost of the prepayment fee over the life of the loan.”
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.