Sonnenblick-Eichner Company Arranges $112,000,000 of Financing for the Cooper Hotel Portfolio
(firmenpresse) - BEVERLY HILLS, CA -- (Marketwire) -- 11/13/12 -- Sonnenblick-Eichner Company announced today that it has arranged $112,000,000 of non-recourse, first mortgage and mezzanine financing for an 11-property hotel portfolio totaling 2,130 rooms. The hotels include both full-service and select service hotels branded by Hilton Worldwide and Intercontinental Hotels and Resorts.
The hotels, located throughout Florida, Michigan, and Tennessee, include the following properties:
Hilton Naples, Naples, Florida
Hilton Orlando/Altamonte Springs, Altamonte Springs (Orlando), Florida
Crowne Plaza Fort Myers at the Bell Tower Shops, Fort Myers, Florida
Embassy Suites Detroit Metro Airport, Romulus, Michigan
Hilton Garden Inn Detroit Metro Airport, Romulus, Michigan
Hampton Inn & Suites Detroit/Airport-Romulus, Romulus, Michigan
DoubleTree by Hilton Memphis, Memphis, Tennessee
DoubleTree by Hilton Jackson, Jackson, Tennessee
DoubleTree by Hilton Murfreesboro, Murfreesboro, Tennessee
DoubleTree by Hilton Oak Ridge - Knoxville, Oak Ridge, Tennessee
DoubleTree by Hilton Johnson City, Johnson City, Tennessee
The 5-year fixed rate financing was underwritten to 80% of the portfolio value. The financing has a blended interest rate in the mid 6 percent range with a 25-year amortization schedule.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "We were successful in securing a capital source that provided financing for the entire capital stack for both the senior and mezzanine loan, resulting in a seamless transaction for the Borrower. The first mortgage component will be securitized, and the mezzanine tranche will be retained by the issuer. Given the liquidity in the capital markets, the loan sized to a debt yield less of than 9.5%. The loan closed within 60 days from application."
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: "Hurdles in this transaction included getting the lender comfortable with the secondary markets that some of the properties are located in. The quality of the sponsorship gave the lender additional comfort to retain the mezzanine portion of the loan."
Sonnenblick-Eichner Company () 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.
Image Available:
Media Contact:
Colette Schamet
E-mail:
(310) 286-7700 x 108
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 13.11.2012 - 10:00 Uhr
Sprache: Deutsch
News-ID 1170485
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
BEVERLY HILLS, CA
Phone:
Kategorie:
Commercial Real Estate
Anmerkungen:
Diese Pressemitteilung wurde bisher 121 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Sonnenblick-Eichner Company Arranges $112,000,000 of Financing for the Cooper Hotel Portfolio
"
steht unter der journalistisch-redaktionellen Verantwortung von
Sonnenblick-Eichner Company (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
