Sonnenblick-Eichner Company Arranges $22,000,000 of First Mortgage Financing for Shops at the Pier, on Behalf of Provenance Hotels and Bolour Associates, in Hermosa Beach, California
December 6, 2017 12:27pm
Beverly Hills, CA, December 6, 2017 -- Sonnenblick-Eichner Company has secured $22 million of interim first-mortgage financing for the Shops at the Pier, on the renowned beachfront, The Strand, in Hermosa Beach, California. The property is owned by a joint venture comprised of Portland, Oregon-based Provenance Hotels and Bolour Associates, Beverly Hills, California.
Located at the base of the Hermosa Beach Pier, the Shops at the Pier is a mixed-used project, which includes 18,192 square feet of fully leased retail space and nine apartment units.
Hermosa Beach is an affluent beach community in Southern California, which attracts millions of visitors throughout the year. The city plays host to a variety of national and international lifestyle sporting events and is home to Fiesta Hermosa, southern California’s largest Arts and Crafts fair.
Loan proceeds are being used to refinance existing debt and fund costs associated with a planned redevelopment of the 40,000 square-foot site into a 100-room, luxury boutique hotel.
“With the debt yield being less than 5%, we were able to arrange attractive interim financing from a private debt fund by demonstrating the intrinsic value associated with the Sponsor’s planned hotel on one of the last remaining beachfront parcels in Los Angeles’ south bay.” said David Sonnenblick, principal of Sonnenblick-Eichner Company.
“Given the excellent sponsorship and location, we were able to attract multiple competitive financing quotes. Our client ultimately chose a lender with the most flexibility within the loan structure to accommodate their business plan, which includes completing the entitlement process for the hotel development,” commented Elliot Eichner, also a Principal of Sonnenblick-Eichner Company.
Founded in 1985 and headquartered in Portland, Ore., Provenance Hotels (www.provenancehotels.com) specializes in financing, developing and operating award-winning independent hotels with distinct and deeply integrated art stories. The portfolio includes Hotel deLuxe, Hotel Lucia, Sentinel, the Heathman Hotel and Dossier in Portland, Hotel Max and Hotel Theodore in Seattle, Hotel Murano in Tacoma, Wash., the Old No. 77 Hotel & Chandlery in New Orleans, and Hotel Preston in Nashville. Provenance Hotels will open Woodlark in Portland, Ore. in summer 2018.
Bolour Associates (www.bolourassociates.com) is a privately-owned real estate investment, development and finance company. With 35 years of industry expertise, the firm has a solid track record of creating value through innovative real estate strategies. Our associates execute complex real estate transactions and employ a creative approach to generating sustainable growth. Our commitment to the highest standards of integrity is the hallmark of our business. Headquartered in Los Angeles, Bolour Associates is a leader in the commercial real estate market with a focus in California and the southwest regions of the United States.
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
Hospitality Financial Leadership - Creating and Using Your Own Labor Productivity Tools
Hospitality Financial Leadership - How to Read Hotel Financial Statements and The Link
Hospitality Financial Leadership - Who Has ALL the Risk and Why?
Sonnenblick-Eichner Company Arranges $60,000,000 of Financing for The St. Regis Deer Valley, Park City, Utah
Sonnenblick-Eichner Company Arranges $110,000,000 of First Mortgage Financing for InterContinental San Francisco
Sonnenblick-Eichner Company Arranges $35,000,000 of First Mortgage Financing for The Inn at the Market, Seattle, Washington
Hospitality Financial Leadership - Runnin' Down a Dream
Sonnenblick-Eichner Company Arranges the Sale of the 153-Room Hampton Inn Southcenter Hotel in Seattle, WA
Hospitality Financial Leadership - Four Important Things to Know
Sonnenblick-Eichner Company Arranges $16,750,000 of First Mortgage Acquisition Financing for the Normandy Hotel, Washington, D.C.
Premier Capital Associates Secures Refinance for Quality Inn and Suites in Sequim, WA
Sonnenblick-Eichner Company Arranges $135,780,000 of Financing for a Portfolio of Cooper Hotels
Atlas Hospitality Group Arranges Sale of Lone Oak Lodge Monterey
Thorofare Capital Funds $11.25M Loan for Acquisition of Historic Hotel in Los Angeles’ Westwood Village
Sonnenblick-Eichner Company Arranges $41,000,000 of First Mortgage Financing for Hotel Eastlund, Portland, Oregon
Best Western's Pipeline Nearing 500 Properties Worldwide
Sonnenblick-Eichner Company Arranges $92,000,000 of First Mortgage Financing for a Portfolio of Four Hotels Located in Texas, Virginia, Pennsylvania and New York
Sonnenblick-Eichner Company Arranges $75,000,000 of First Mortgage Leasehold Financing for Cavallo Point-The Lodge at the Golden Gate in Sausalito, California
Sonnenblick-Eichner Company Arranges $25,250,000 Financing for the Acquisition of Old No. 77 Hotel & Chandlery, New Orleans, Louisiana
Sonnenblick-Eichner Company Arranges $38,000,000 of First Mortgage Leasehold Financing for Marina Del Rey Hotel, Marina Del Rey, California
Please login or register to post a comment.