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1/13/16
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Sonnenblick-Eichner Company has arranged $65.2 mil of first mortgage financing for the 149-room Hyatt House Seattle/Redmond and the 160-room Hyatt House Seattle/Bellevue in Washington.
The non-recourse, 10-year fixed-rate financing was priced in the low four percent range with interest-only payments for the first five years of the loan. The loans were not cross-collateralized.
The borrower financed prior to their current loan maturity incurring a prepayment cost. The new, fixed low-interest rate loan more than offset the cost of the prepayment fee over the life of the loan.
“We had tremendous lender interest in these transactions from both Wall Street investment banks and life insurance companies,” said Sonnenblick-Eichner Company Principal Elliot Eichner. “The borrower chose a life insurance company execution giving them the ability to lock the rate at application while having the benefits of a portfolio lender.”
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