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12/07/17
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SONNENBLICK-EICHNER COMPANY - Sonnenblick-Eichner Company has arranged $35 mil of first mortgage financing for The Inn at the Market, a 76-room luxury boutique hotel in Seattle. The hotel is located at the world-famous Pike Place Market, the most popular and recognizable destination in downtown Seattle. The hotel is currently ranked #1 of 100 hotels on TripAdvisor in Seattle. The financing, provided by a Wall Street investment bank, was a non-recourse, 10-year fixed rate loan with five years of interest-only payments. The Inn at the Market has historically been a rate leader in the downtown Seattle market. Amenities include four restaurants, four high-end retail outlets, and a rooftop deck with views of Elliott Bay, the Puget Sound, and the Olympic Mountains. The loan recapitalized the borrower’s recent all-cash purchase of a controlling interest in the ownership entity. According to Sonnenblick-Eichner’s Patrick Brown, the financing of approximately $460k per key is one of the highest in Seattle to-date.
NORTHMARQ CAPITAL - Paul Bruder with NorthMarq Capital arranged a $25 mil refi loan on Metro Art Brentwood Apartments, a 62-unit multifamily property located at 11771 Montana Ave in Los Angeles. The transaction was structured with a 10-year term on a 30-year amortization schedule. The loan was funded through a life insurance company.
IBORROW - iBorrow has provided a $16.5 mil loan cross-collateralized by two separate CA assisted living facilities in Tarzana and Orange County. One property is an 88-unit, 50k sf facility and the second property is an 81-unit, 40k sf facility. Both properties were built in 1974 and were recently renovated in 2016. They are both private pay and offer a continuum of care services to the residents. The borrower is a local businessman whose experience is in the healthcare sector.
MERIDIAN CAPITAL GROUP – Seth Grossman and Andy Strauss with Meridian Capital Group arranged $8.5 mil in financing for The Boardwalk, a 13.7k sf shopping center property focused on attracting restaurants and casual dining in Cypress. The property, located at 5895 Katella Ave, is a single-story building that is currently home to seven tenants. Noodles & Company, Uroko Café, Which Wich, Pita 360, and Fisherman's Market Grill are some of the new additions to The Boardwalk’s tenant mix. Meridian arranged a 10-year CMBS loan for the borrower, The Festival Companies.
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