Sonnenblick-Eichner Company Arranges $30,000,000 From First
BEVERLY HILLS, Calif., April 7, 2022 (GLOBE NEWSWIRE) — Sonnenblick-Eichner Corporation has secured a $30 million long-term fixed interest financing for the Inn at the Pier, a 104-room luxury full-service boutique hotel , arranged half a block from the Pacific Ocean in Pismo Beach, California.
The non-recourse loan was funded by a life company and priced in the low 4 percent range with interest-only payments for the entire term. The proceeds from the loan also returned equity to the borrower.
The Inn at the Pier features a full-service restaurant, pool and spa, and the only rooftop bar in Pismo Beach. Other amenities include 1,200 square feet of meeting space, a state-of-the-art fitness facility and approximately 2,650 square feet of street-level retail space. The hotel offers valet parking for up to 128 cars. The Inn at the Pier’s central location adjacent to the Pismo Beach Pier provides easy access to the beach and downtown tourist attractions including restaurants, shops and other attractions.
Elliot Eichner, a Director of Sonnenblick-Eichner Company, commented, “Given the oceanfront location and ‘drive-to-leisure’ market orientation, we had tremendous lender interest, culminating in 14 competitive loan offers.”
Patrick Brown, also a Principal at Sonnenblick-Eichner, added: “As a testament to our personal customer service, this is the third time we have arranged financing for the hotel, including construction, interim and long-term fixed interest financing for the property”.
About the company Sonnenblick-Eichner
Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-based real estate investment bank specializing in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine finance, and joint venture equity transactions specialized. The firm is known for its expertise in marketing institutional properties for sale and providing capital across all product types including hospitality, retail, office, industrial and multifamily properties.
Source: Sonnenblick-Eichner company
Media contact: Bruce Beck
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