SOURCE: Sonnenblick-Eichner Company
BEVERLY HILLS, CA--(Marketwire - Oct 16, 2012) - Sonnenblick-Eichner Company announced today that it has arranged $17,150,000 of first mortgage financing for the aloft Austin, a 140-room 6-story hotel, located in Austin, Texas. The property, completed in 2009, is located within The Domain, Austin's premier master planned destination development that will, upon completion, total approximately 8 million square feet of retail, office and luxury apartment communities.
The 5-year fixed rate financing has an interest rate of less than 5 percent, a 30-year amortization schedule, and is non-recourse to the borrower. The loan was funded by an international money center commercial bank.
Elliot Eichner, a principal of Sonnenblick-Eichner Company, commented, "The debt market for fixed rate financing continues to be advantageous with the cost of capital significantly below 5% today. The property's stellar ownership and superior location within Austin were additional factors that justified the pricing."
Patrick Brown, a principal of Sonnenblick-Eichner Company, further commented, "Due to the tremendous amount of liquidity in the capital markets, we were able to generate 19 financing quotes including life insurance companies, regional banks, real estate debt funds, and Wall Street CMBS lenders."
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.