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August 9, 2022
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FINANCING NEWS
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Pismo Beach Hotel Lands $50 Mil Refi

5/13/22

Sonnenblick-Eichner Company has arranged $50 mil of long-term, fixed-rate first mortgage financing for the Cliffs Hotel & Spa, a 162-room, full-service, luxury boutique hotel located on a bluff overlooking the Pacific Ocean in Pismo Beach. The borrower is a San Luis Obispo private investor.

The non-recourse loan was funded by an investment bank and priced at 4.8% with interest-only payments for the entire term of the loan. Proceeds from the loan provided for a return of equity to the Borrower in order to purchase a partnership interest. According to Sonnenblick-Eichner Prinicpal and Co-Founder Elliot Eichner, the loan was competitively bid among 10 lenders, resulting in a sub-200 bps. credit spread.

Located along California’s central coast, the Cliffs Hotel & Spa features direct beach access, Marisol (a full-service restaurant and bar), a heated outdoor pool and Jacuzzi, Dia Feliz Spa, The Salt + Sundry retail outlet, fully equipped fitness and business centers and on/off-site valet parking for up to 209 cars. The hotel has approximately 27k sf of indoor/outdoor meeting and event space, more than any other hotel in Pismo Beach.




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