Sonnenblick-Eichner Company today arranged a $22 million non-recourse first mortgage financing for its leasehold interest in the DoubleTree by Hilton Los Angeles Commerce, a 201-room hotel located in the City of Commerce, approximately six miles southeast of Los Angeles. announced that downtown los angeles.
This 5-year loan was set up with an International Money Center Bank at a fixed interest rate of 5.9% for the entire term. Proceeds were used to repay his CMBS loan as it matured and provided for the return of capital to the partnership.
Hotel amenities include a full-service restaurant and bar, and approximately 9,000 square feet of meeting and banquet space. The hotel also features an outdoor pool and jacuzzi, fitness center, business center and up to 420 surface parking spaces.
Elliot Eichner, principal of Sonnenblick-Eichner Company, commented: By fixing your interest rate, you not only reduce the risk of interest rate rises, but you also eliminate the need to purchase interest rate caps. ”
Patrick Brown, who is also a principal at the Sonnenblick-Eichner Company, added:
About Sonnenblick Eichner
Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-based real estate investment banking firm that specializes in arranging structured finance for acquisitions, construction, perpetual loans, intermediate and mezzanine financing, and joint venture equity transactions. and The company is known for its expertise in marketing institutional real estate for sale and providing capital across all product types including hospitality, retail, office, industrial and multifamily.
Source: Sonnenblick-Eichner Company
Media contact:
Bruce Beck
Bruce@dbrpr.com
(805) 777-7971