Sonnenblick-Eichner Company Arranges $35,000,000 of First Mortgage Financing for The Inn at the Market, Seattle, Washington
November 28, 2017 8:42am
Beverly Hills, California – November 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.
inn at the market,
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
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
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.
Hospitality Funding, Inc. Arranged Funding for the Acquisition of the Comfort Suites Arlington, Texas
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
Sonnenblick-Eichner Company Arranges $65 Million of First Mortgage Financing for the Marriott Monterey Hotel in Monterey, CA
Sonnenblick-Eichner Company Arranges $27,000,000 of First Mortgage Financing for Cedarbrook Lodge, SeaTac - Seattle, Washington
Hotel Lenders Tightening the Screws
Sonnenblick-Eichner Company Arranges $236,750,000 of First Mortgage Financing for Seven Provenance Hotels
Please login or register to post a comment.