**Sonnenblick-Eichner Arranges $126M Mortgage Refinance for Coastal SoCal Hotel Portfolio**
Sonnenblick-Eichner Company has secured $126.136 million in first mortgage debt on behalf of Pacifica Hotels to refinance a portfolio of seven hotels located along the Southern California coast. The portfolio comprises a total of 601 guest rooms across properties in San Diego, Pismo Beach, Venice, and Manhattan Beach.
The financing includes a combination of three- and five-year fixed-rate, non-recourse loans provided by a Wall Street investment bank and an insurance company.
The portfolio includes the following properties:
– 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. The portfolio was competitively bid as evidenced by the level of interest that we received,” said Elliot Eichner, Principal at Sonnenblick-Eichner Company.
