Sonnenblick-Eichner Company Organizes $ 38,000,000 Interim
BEVERLY HILLS, Calif., July 21, 2021 (GLOBE NEWSWIRE) – Sonnenblick-Eichner Company announced today that it has arranged a $ 38,000,000 senior interim lease for the Portofino Hotel & Marina, a hotel in full service 161 rooms located in Redondo Beach, California. The new five-year variable rate LIBOR loan replaces a maturing loan and stabilizes the interest deferral.
The hotel has a full-service restaurant and lounge, lobby bar, and indoor / outdoor meeting and event space. Facilities also include an outdoor swimming pool, jacuzzi, and fitness and business center. The property includes a marina with 181 slides and 19 apartments.
The hotel is located in the South Bay of Los Angeles and in the seaside communities of Hermosa Beach, Manhattan Beach, El Segundo, and Redondo Beach, some of the wealthiest communities in the greater Los Angeles area. The hotel is also close to the main employment centers, notably the “Corridor Rosecrans” and “Silicon Beach”.
Elliot Eichner, Director of Sonnenblick-Eichner Company, commented, âWe have been able to put the lender at ease with the ramping up of the property to pre-COVID levels as well as the short term remaining on the ground lease. “
Patrick Brown, also director of Sonnenblick-Eichner Company, added: âAlthough lease financing can present underwriting challenges, we have been successful in attracting several institutional lenders interested in providing this financing. “
About the Sonnenblick-Eichner company
Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-based real estate investment bank specializing in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine finance, and joint venture operations. The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all types of products, including retail, office, hospitality, industrial and multi-family properties.
Source: Sonnenblick-Eichner Company
Media contact: Bruce beck
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/25e52eb1-85e3-4fe6-acf6-aeb23062477f