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3/20/20
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Sonnenblick-Eichner Company arranged $20.5 mil in first mortgage debt for the Carriage Inn, a 178-room hotel at the very northwest corner of Sherman Oaks, a community in Los Angeles’ San Fernando Valley. The borrower was a partnership consisting of local investors.
The hotel, located at the intersection of Burbank Blvd and the 405 Fwy, is affiliated with the Best Western Plus brand. It features meeting space, a pool and Jacuzzi, a fitness center and surface parking for 160 cars. The hotel is situated within close proximity to Universal Studios/Hollywood, the Disney Studios, Six Flags Magic Mountain, the Getty Museum and Skirball Cultural Center.
The non-recourse, 10-year fixed rate loan was priced at 3.36%, with interest-only payments for the entire loan term. This was the second time Sonnenblick-Eichner refinanced the property and culminated in 12 financing quotes.
Company principal Elliot Eichner commented, “Our client recognized the benefit of refinancing the loan prior to maturity in order to take advantage of a low interest rate environment and extending their loan term for an additional 10 years.”
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