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5/24/16
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Sonnenblick-Eichner Company has arranged $38 mil of first mortgage leasehold financing for Marina del Rey Hotel, a 164-room, full-service, luxury boutique hotel located on the water in Marina del Rey. The hotel recently underwent a $28 mil renovation and reopened in January of 2015.
The three-story property features 6.3k sf of meeting space, SALT Restaurant & Bar, a heated year-round infinity pool and spa, a marina view sundeck, business center, and a 24-hour fitness center.
The new 10-year fixed rate loan was sized to a 10% debt yield with the hotel being fully operational for less than 12 months. The loan provided for interest-only payments over the entire term. It was fully funded at closing and did not require an earn-out provision
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