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2/24/16
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Sonnenblick-Eichner Company has arranged $27 mil of first mortgage financing for Cedarbrook Lodge, SeaTac, a 167-room hotel property in Seattle, WA. The 10-year, fixed rate non-recourse financing was priced in the mid-4 percent range with interest-only payments for the entire term of the loan.
The hotel is located on seven acres of restored natural wetlands and is less than two miles from SeaTac International Airport. Amenities at the hotel include over 17k sf of state-of-the-art meeting space and a 1.6k sf fitness center. Additionally, the hotel is home to “The Spa” and the award-winning Copperleaf Restaurant & Bar.
“Despite the volatility in the capital markets over the last couple of weeks, we were successful in getting the lender to hold their spread and close the loan in the mid 4 percent range with full term interest-only,” said Elliot Eichner, a Principal of Sonnenblick-Eichner Company. “We are seeing no shortage of mortgage capital for all product types, including independent branded hotels such as the Cedarbrook Lodge,” added Patrick Brown, also a Principal of Sonnenblick-Eichner Company.
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