BEVERLY HILLS, CA -- (Marketwired) -- 09/10/13 -- Sonnenblick-Eichner Company announced today that it has arranged $23,000,000 of first mortgage financing for the Surfsand Resort, Cannon Beach's premier full service resort located on the beach along Oregon's northern coast. Proceeds from the loan will be used to pay off an existing interim loan previously placed by Sonnenblick-Eichner Company in 2010. The new 10-year fixed rate loan is non-recourse to the borrower and carries an interest rate of less than 4.5% with 30 years amortization.
The 97-room resort offers 3,600 square feet of meeting and banquet space, a restaurant with a lounge and bar, a spa and fitness center, and an indoor pool. The hotel is located 90 minutes from Portland and approximately 3 hours from Seattle by car. Cannon Beach is the closest recreational beach resort destination to Seattle.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "This is our third time financing the property including a renovation and construction financing, an interim loan, and a long term fixed rate mortgage. Though the property is non-branded, we were able to generate significant lender interest due to its beachfront location and consistent cash flow."
Patrick Brown, also a principal of Sonnenblick-Eichner Company, added, "Although we have recently experienced volatility in the capital markets with a widening of the swap rate and credit spreads, there is still significant liquidity for hotel debt and lenders are competitively quoting transactions."
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (www.sonneich.com) is a Los Angeles-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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OCTOBER 31, 2014
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