|By Marketwired .||
|July 22, 2014 11:00 AM EDT||
BEVERLY HILLS, CA -- (Marketwired) -- 07/22/14 -- Sonnenblick-Eichner Company announced today that it has arranged $265,000,000 of first mortgage financing for the 610-room JW Marriott Chicago, located in downtown Chicago, Illinois. The property is part of a 1.1 million square-foot mixed-use property, which occupies a full city block in the financial district of downtown Chicago.
The property was refinanced with a non-recourse, LIBOR-based floating rate loan that was provided by a Wall Street investment bank.
The hotel occupies the lower floors of an iconic Daniel Burnham designed building that was originally completed in 1914. The building has since been designated as a historic landmark and added to the National Register of Historic Places. In 2008, the lower 12 floors were fully renovated and converted into the 610-room JW Marriott Chicago, the only luxury hotel operated by Marriott International in the Chicago metro area. The property is located adjacent to the Federal Reserve Bank of Chicago and one block from the Chicago Board of Trade.
David Sonnenblick, a Principal of Sonnenblick-Eichner Company, commented, "The capital markets remain tremendously liquid for quality real estate transactions, as indicated by the interest we received from multiple lenders who had the desire to make this large single asset loan."
Elliot Eichner, also a Principal of Sonnenblick-Eichner Company, added: "We were successful in finding a lender who had the ability to fund the entire loan so there was no syndication risk to our client."
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.
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