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May 31, 2023
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Pismo Beach Hotel Property Lands $30 Mil Refi


Inn at the Pier, a 104-room, full-service, luxury boutique hotel located one-half block from the Pacific Ocean in Pismo Beach, was refinanced by its private investor owner with a new long-term loan for $30 mil. The non-recourse loan was funded by a Life Company and arranged by Sonnenblick-Eichner Company.

The Inn at the Pier features a full-service restaurant, pool and spa, and the only roof-top bar in Pismo Beach. Other amenities include 1.2k sf of meeting space, a state-of-the-art fitness facility and approximately 2.7k sf of street-level retail space. The hotel offers valet parking accommodating up to 128 cars. The Inn at the Pier’s central location adjacent to the Pismo Beach Pier, provides convenient access to the beach and downtown tourist attractions including restaurants, shops and other attractions.

The fixed-rate financing was priced in the low 4% range with interest-only payments for the entire term. Proceeds from the loan also provided for a return of equity to the borrower.

“Given the oceanfront location and “Drive-to-Leisure” market orientation, we had tremendous lender interest culminating in 14 competitive loan quotes,” said Elliot Eichner, a Principal of Sonnenblick-Eichner Company. According to the company, this was the third time they’ve arranged financing for the hotel, including the construction, interim and long-term fixed-rate financing for the property.

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