Sonnenblick-Eichner Company announced today that it has arranged $38 million of first mortgage leasehold financing for Marina del Rey Hotel, a 164-room, full-service, luxury boutique hotel located on the water in Marina del Rey, California. The hotel underwent a $28 million renovation and reopened in January of 2015.
The three-story property features 6,291 square feet of meeting space, SALT Restaurant & Bar, a heated year-round infinity pool and spa, a marina view sundeck, business center, and a 24-hour fitness center.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, “We were successful in arranging a 10-year fixed rate loan, sized to a 10% debt yield with the hotel being fully operational for less than 12 months. The loan provided for interest-only payments for the entire term.”
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: “Though the property had limited operating history, the loan was fully funded at closing and did not require an earn-out provision.”
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.
About Pacifica Hotels
Pacifica Hotels was formed in January of 1993 to consolidate the hospitality operations of Invest West Financial Corporation, which has been involved in the acquisition, development, refurbishing and operating of quality hotel properties and other commercial real estate properties for almost 30 years. Today, Pacifica Hotels is the largest owner and operator of boutique hotels on the Pacific coast. Pacifica Hotels’ 35 independent and flag properties in key California cities from San Diego to San Francisco, as well as Hawaii and Florida, feature outstanding locations, AAA 3 and 4-diamond ratings, upgraded amenities and high standards of guest service. For complete hotel descriptions and reservations, visit www.pacificahotels.com.
Source: Sonnenblick-Eichner Company
Media Contact: Bruce Beck
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