BEVERLY HILLS, CA--(Marketwire - Jun 26, 2012) - Sonnenblick-Eichner Company announced today that it has arranged $42,000,000 of first mortgage financing for the Doubletree by Hilton Hotel New Orleans, a 364-room, 17-story, full-service hotel, located in the center of New Orleans' Central Business District and adjacent to the internationally renowned French Quarter. The property is proximate to the Ernest N. Morial Convention Center, the 5th largest in the United States, Harrah's Casino, and is across the street from Canal Place, a 2.15 million square-foot mixed-use development anchored by Saks Fifth Avenue.
The 5-year fixed rate financing has an interest rate of less than 5 percent, a 30-year amortization schedule, and is non-recourse to the borrower. The loan was funded by an international money center commercial bank.
Elliot Eichner, a principal of Sonnenblick-Eichner Company, commented, "The New Orleans market experienced a tremendous rebound and this property has been a benefactor given its superior location. Funds will be used to retire the maturing debt."
Patrick Brown, a principal of Sonnenblick-Eichner Company, further commented, "Due to the tremendous amount of liquidity we are currently experiencing in the debt market for hotels, we were able to place capital at an attractive interest rate and close the loan within 30 days of application."
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 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 retail, office, hospitality, industrial, and multifamily properties.
Contact Information:
Media Contact:
Colette Schamet
310-286-7700
