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**Sonnenblick-Eichner Arranges $126M in Financing for Coastal Southern California Hotel Portfolio**
Sonnenblick-Eichner Company has arranged $126.14 million in first mortgage debt on behalf of Pacifica Hotels to refinance a portfolio of seven hotels located along Southern California’s coastline. The portfolio comprises 601 rooms and includes a mix of oceanfront and coastal properties situated in San Diego, Pismo Beach, Venice, and Manhattan Beach.
The financing includes three- and five-year fixed-rate, non-recourse loans provided by a Wall Street investment bank and an insurance company. The hotels included in the portfolio are:
– The Wayfarer San Diego
– Sandcastle Hotel on the Beach, Pismo Beach
– Inn at Venice Beach, Venice
– The Kinney Venice Beach, Venice
– Spyglass Inn, Pismo Beach
– Cottage Inn by the Sea, Pismo Beach
– The Belamar Hotel, a Tapestry Collection by Hilton, Manhattan Beach
“We were successful in sourcing financing from several capital providers. Ultimately, the best execution was closing with two lenders for the portfolio,” said Elliot Eichner, Principal of Sonnenblick-Eichner Company. “The portfolio was competitively bid, as evidenced by the level of interest that we received.”
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