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Marriott Monterey, CA – Image Credit Marriott International
Sonnenblick-Eichner Company has arranged a $75 million first mortgage loan to refinance the Marriott Monterey hotel located in downtown Monterey, California. The non-recourse, fixed-rate, five-year loan is interest only for the term and was funded by a Wall Street investment bank.
The 341-room full-service hotel offers 16,500 square feet of meeting and event space, a fitness center and an outdoor pool and jacuzzi. The hotel is located across the street from the Monterey Conference Center.
Monterey is the cultural and economic hub of the affluent Monterey Peninsula, comprised of the cities of Monterey, Carmel, Pacific Grove, and Pebble Beach. Monterey is one of the West Coast’s most resilient and iconic coastal hospitality markets. Boasting 26 public and private golf courses, the Monterey Peninsula is regarded as the “Golf Capital of the World” and is home to internationally renowned Pebble Beach Golf Links, widely ranked as the #1 public golf course in the United States. Other iconic destinations and events include the Monterey Bay Aquarium, Cannery Row, Concours d’Elegance and the Monterey Jazz Festival, all which attract millions of people to Monterey every year.
“Given the amount of liquidity in the market and the institutional quality of the hotel, we received 19 competitive loan quotes. We ultimately closed on a five-year, interest-only loan at a credit spread in the low 200s, resulting in an all-in rate to the Borrower of less than 6%,” said Sonnenblick-Eichner Principal Elliot Eichner.
“This is the third permanent loan that we have arranged for the Borrower on this property and is an example of the tremendous amount of repeat business that we do,” added Patrick Brown, also a Principal of Sonnenblick-Eichner Company.
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company www.sonneich.com is a Los Angeles-based real estate investment banking firm that specializes in arranging structured finance for acquisition, construction and permanent loans, interim, preferred equity and mezzanine financing as well as joint-venture equity transactions. The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types including hospitality, retail, office, industrial, and multifamily properties.
Source: Sonnenblick-Eichner Company
Media Contact:
Bruce Beck/DB&R Marketing Communications, Inc.
bruce@dbrpr.com
(818) 540-8077
