Sonnenblick-Eichner Company Arranges $39,000,000 First Lease Mortgage Interim Financing … | Your money
BEVERLY HILLS, Calif., Jan. 12, 2022 (GLOBE NEWSWIRE) — Sonnenblick-Eichner Company today announced that it has arranged $39,000,000 in non-recourse first lien interim mortgage financing for Moxy Portland Downtown, a 197 rooms located in the West End District of downtown Portland, Oregon.
The hotel opened in March this year and therefore has a limited operating history. Proceeds from this financing were used to repay the construction loan, provide funds for an interest reserve, and closing costs and fees. The 5-year LIBOR-based variable rate loan was sized at approximately 76% of total project costs. The property was developed and is managed by Graves Hospitality, and is owned in partnership with KCB Real Estate.
Hotel amenities include a lobby bar, lounge and a state-of-the-art 24-hour fitness center. Located in Portland’s West End neighborhood, between the commercial heart of downtown and the iconic Powell’s City of Books, on the outskirts of the Pearl District, the West End neighborhood has become a vibrant hub of creativity, fashion and lifestyle nocturnal. The area is also home to a growing number of local and international designer boutiques, fashion boutiques, restaurants, cafes and hotels. Moxy Hotels (www.MoxyHotels.com) is Marriott International’s millennial-focused, fresh and innovative lifestyle brand, combining stylish design and accessible service at an affordable price.
Elliot Eichner, Director of Sonnenblick-Eichner Company, said, “Despite the fact that the hotel had a limited operating history, coupled with the inherent complexities of lease financing, we were able to structure a loan that will allow time for the hotel to stabilize. .”
Patrick Brown, also director of Sonnenblick-Eichner Company, added: “As our experience with financing hotels from construction loans indicates, this loan was offered competitively for a property with a history of “We are currently marketing loan applications, including fixed and variable rate loans, as well as construction loans, and are seeing huge demand in the sector.”
Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-based real estate investment bank specializing in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing as well than 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 hotel, commercial, office, industrial and multi-family properties.
About Graves Hospitality
Graves Hospitality turns ideas into action and real estate into business. GH offers a full range of development and management services ideally suited to meet the unique needs of independent and branded hotels, resorts and restaurants, as well as residential and commercial projects. The company’s development skills and management services, including sales, marketing, distribution, human resources and accounting, are honed by more than 40 years of continuous success. Consistently recognized as an industry leader, GH has developed and managed over 100 hotels and restaurants, as well as residential and commercial developments. GH is passionate about providing owners, guests and associates with an unparalleled level of service and expertise. Partnering with smart, creative, and genuinely nice people, and then relentlessly nurturing those relationships, results in a positive synergy that naturally drives success. GH takes great pride in being able to identify, develop, build and manage projects that generate great profits for our investors. To learn more about Graves Hospitality, visit .
About KCB Real Estate
KCB Real Estate is a family-owned real estate operating company that provides joint venture equity to acquire and operate a wide range of properties across the country. KCB partners with people who have high integrity and a solid history of successful property investments. KCB currently oversees over 70 properties across the United States with an asset value of over $1 billion, including hotels, apartment communities, healthcare facilities, shopping malls, offices and industrial buildings. KCB is distinguished by its philosophy of owning properties for the long term and its commitment to projects that meet the needs of the local community. For more information, visit .
Source: Sonnenblick-Eichner Company Media Contact: Bruce Beck [email protected](805) 777-7971
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