|
3/08/17
|
Sonnenblick-Eichner Company has arranged $41 mil of first mortgage financing for Hotel Eastlund, located in Portland, OR. The financing was a non-recourse, 10-year fixed rate loan provided by an international money center bank. It takes out an existing acquisition and construction loan.
Located across the street from the Oregon Convention Center in the burgeoning Lloyd District of Portland, Hotel Eastlund is a six-story, 168-room boutique hotel whose amenities include approximately 4.8k sf of meeting and banquet space, the Altabira City Tavern and Citizen Baker, a rooftop deck, and business and fitness centers. The Hotel also includes approximately 1k sf of street-level retail space and on-site parking for approximately 131 cars.
Hotel Eastlund ranks in the top 10% of Hotels in Portland on TripAdvisor and was recognized as one of Travel & Leisure magazine’s 2016 “17 Coolest New Urban Hotels in the Country.”
“The hotel recently completed an extensive renovation and rebranding and had limited operating history at the time of the closing of the new loan,” said Elliot Eichner, Principal of Sonnenblick-Eichner Company. “By underwriting the most recent trailing 12-month cash flow, we were able to maximize loan proceeds. We were also successful in negotiating two years of interest-only payments.”
|
|
Return to the Archive page
|
|
|
|
|