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9/11/15
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Sonnenblick-Eichner Company has arranged $153.2 mil on the Pacific Portfolio, a 10-property, 739-room hotel portfolio, mostly in CA. The portfolio is comprised of a unique collection of oceanfront hotels located along CAs central coast, as well as properties in Venice, Marina del Rey and Manhattan Beach, CA, and a property in Port St. Lucie, Florida.
The first mortgage financing has a 10-year fixed rate. The loans were non-recourse and are not cross-collateralized.
The portfolio includes the following properties:
Fireside Inn on Moonstone Beach, Cambria, CA
FogCatcher Inn, Cambria, CA
Pelican Inn & Suites, Cambria, CA
Cottage Inn by the Sea, Pismo Beach, CA
Sandcastle Inn, Pismo Beach, CA
Spyglass Inn, Pismo Beach, CA
Inn at Venice Beach, Venice, CA
Inn at Marina del Rey, Marina del Rey, CA
The Belamar Hotel, Manhattan Beach, CA
Hilton Garden Inn at PGA Village, Port St. Lucie, FL
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, The borrower chose to refinance a majority of the loans prior to maturity. The cost of prepayment was mitigated by the lower cost of capital and the risk associated with the potential of higher interest rates in the future. The borrower also realized pent-up equity they had in the portfolio.
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