SOURCE: Sonnenblick-Eichner Company
BEVERLY HILLS, CA--(Marketwire - Sep 10, 2012) - Sonnenblick-Eichner Company announced today that it has arranged two loans totaling $17,125,000 for the Hilton Garden Inn Ames, a 112-room, select-service hotel, located in Ames, Iowa; and the 105-room Hilton Garden Inn Lakeland located in Lakeland, Florida. The Ames hotel is located approximately two miles from Iowa State University, and the Lakeland hotel is located at Lakeland Linden Regional Airport and across the street from the corporate headquarters of Publix. First mortgage leasehold financing was provided for the Lakeland property which is subject to a 35-year ground lease. The Ames property is owned fee simple.
The 10-year fixed rate loans for both properties have an interest rate of less than 5 percent with 30-year amortization for Lakeland and 25-years for Ames. Both loans are non-recourse to the borrowers.
Elliot Eichner, a principal of Sonnenblick-Eichner Company, commented, "Given the age of the properties, being completed in 2007 and 2005, the long-term Hilton franchise agreements, and despite the relatively short term ground lease encumbering the Lakeland hotel, we were successful in achieving sub 5% pricing."
Patrick Brown, a principal of Sonnenblick-Eichner Company, further commented, "Due to the tremendous amount of liquidity in the debt market today for hotels and their locations near significant demand generators, we were able to place capital at an attractive interest rate from an institutional lender."
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.