Sonnenblick-Eichner Company Arranges $110,000,000 of First Mortgage Financing for InterContinental San Francisco
January 10, 2018 9:25am
Beverly Hills, California – January 10, 2018 – Sonnenblick-Eichner Company announced today that it has arranged $110 million of first mortgage financing to refinance the InterContinental San Francisco, a 32-story, 550-room hotel located adjacent to San Francisco’s Moscone Convention Center in the South of Market district (SOMA) of downtown San Francisco, California. The Four-Diamond, AAA-rated hotel includes 43,000 square feet of meeting, banquet and pre-function space; Luce, a Michelin rated restaurant; a 10,000 square-foot spa and subterranean parking accommodating 180 valet spaces.
The interest rate for this 10-year, non-recourse, fixed rate loan is in the low 4% range, and was priced at less than 200 basis points over the swap rate. The loan was funded by a Wall Street investment bank.
“We received interest from both Life Insurance Companies and Wall Street investment banks. Given the interest rate floors instituted by most Life Insurance Companies, a securitized loan provided the best execution for the borrower,” said Sonnenblick-Eichner Company Principal David Sonnenblick.
Elliot Eichner, also a Principal of Sonnenblick-Eichner Company, added, “The new loan replaced an existing floating rate LIBOR-based loan. With the approximate 80 basis point increase in LIBOR over the last 12-month period in 2017, locking in a long term fixed rate loan provided the best alternative for the sponsor.”
intercontinental san francisco,
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.
Contact: Bruce Beck
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