BEVERLY HILLS, Calif. – Real estate investment banking firm Sonnenblick-Eichner Company has arranged $65 million of first mortgage debt for the refinancing of the 341-room Marriott Monterey Hotel in downtown Monterey, CA.
The 10-year, fixed-rate financing was provided by a European Money Center bank and was underwritten at a debt yield below 10 percent.
“The widening spreads in the bond market made finding attractive long-term CMBS debt very challenging,” said Elliot Eichner, Sonnenblick-Eichner Company principal. “However, we were able to rely on our relationships with other domestic and off-shore lending sources, and through our marketing efforts were able to attract numerous loan offers from insurance companies, money center and investment banks.”
“The financing replaced the maturing debt that we arranged in 2006,” added Patrick Brown, also a principal of Sonnenblick-Eichner Company. “We are pleased to have had the opportunity to work again with the principals of Wright Hotels and Frank K. Finneran & Co. on behalf the property owner San Carlos Associates.”
The AAA-rated, Four Diamond hotel is located adjacent to the Monterey Conference Center in the heart of the downtown retail district. The 10-story hotel includes approximately 16,500 square feet of meeting space, spa, two restaurants and subterranean parking for 142 cars. Monterey is home to the Monterey Aquarium and Cannery Row and within close proximity to the world famous Pebble Beach Golf Links. The Monterey area hosts more than four million visitors per year and is one of the premier tourist destinations in the country.
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (http://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.