|By Marketwired .||
|January 12, 2017 11:00 AM EST|
BEVERLY HILLS, CA--(Marketwired - January 12, 2017) - Sonnenblick-Eichner Company has arranged $92 million in first mortgage debt to refinance a portfolio of four hotels totaling 592 rooms.
The portfolio includes Hyatt House flagged properties in Falls Church, VA and King of Prussia, PA; a Hilton Garden Inn in Albany, NY; and the luxury boutique Archer Hotel in Austin, TX.
The financing consisted of four separate non-recourse, non-cross collateralized loans from three different lenders. Sonnenblick-Eichner Company was able to arrange for a money center commercial bank to provide 10-year fixed rate financing on each of the two Hyatt House properties, and LIBOR-based floating rate financing from two regional banks on the Archer and Hilton Garden Inn properties.
The portfolio is comprised of the following hotels:
- 171-Room Archer Hotel Austin, Austin, TX
- 148-Room Hyatt House Falls Church/Merrifield, Falls Church, VA
- 147-Room Hyatt House Philadelphia/King of Prussia, King of Prussia, PA
- 126-Room Hilton Garden Inn Albany/SUNY, Albany, NY
"The financings were all competitively bid," said Sonnenblick-Eichner Company, Principal Elliot Eichner. "The recently completed Archer Austin closed with only three months of operational history. The loan also provided for an earn-out allowing the borrower an opportunity to increase loan proceeds as the property ramps up."
"The various financing structures met our client's expectations in terms of locking in advantageous long-term fixed rates on two of the assets, and a flexible LIBOR-based facility on the other properties," added Patrick Brown, also a Principal of Sonnenblick-Eichner Company.
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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