{"id":1004164148,"date":"2017-01-16T04:51:32","date_gmt":"2017-01-16T12:51:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004164148"},"modified":"2022-12-08T14:01:11","modified_gmt":"2022-12-08T22:01:11","slug":"sonnenblick-eichner-arranges-92m-in-funding-for-hotel-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sonnenblick-eichner-arranges-92m-in-funding-for-hotel-portfolio\/","title":{"rendered":"Sonnenblick-Eichner Lines Up $92M Refi for Hotel Portfolio"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

Beverly Hills, Calif<\/strong>.\u2014Sonnenblick-Eichner Co. has arranged $92 million in first mortgage debt to refinance a portfolio of four hotels totaling 592 guestrooms, the company announced late last week. The portfolio comprises two Hyatt House\u2013flagged properties on the East Cost; a Hilton Garden Inn in Albany, N.Y.; and a luxury boutique Archer Hotel in Austin, Texas.<\/p>\n

\"Hyatt<\/a>

Hyatt House in Falls Church, Va.<\/p><\/div>\n

The financing consisted of four separate non-recourse, non\u2013cross-collateralized loans from three different lenders. Sonnenblick-Eichner arranged for a money center commercial bank to provide 10-year fixed rate financing on each of the two Hyatt House properties, and LIBOR-based floating rate financing from two regional banks on the Archer and Hilton Garden Inn properties.<\/p>\n

A Sonnenblick-Eichner spokesperson was not permitted to disclose the lenders\u2019 or the borrower\u2019s identities, but Commercial Property Executive<\/em> was able to independently confirm that the hotels\u2019 owner-operator is LodgeWorks Partners LP, of Wichita, Kan.<\/p>\n

A privately held hotel development and management company, LodgeWorks launched the Archer Hotel brand in May 2014 with a property in Midtown Manhattan. Two further Archer hotels, in Napa, Calif., and Florham Park, N.J., are scheduled to open next year.<\/p>\n

The four hotels are:<\/p>\n

    \n
  • Archer Hotel Austin, Austin, Texas (171 guestrooms);<\/li>\n
  • Hyatt House Falls Church\/Merrifield, Falls Church, Va. (148 guestrooms);<\/li>\n
  • Hyatt House Philadelphia\/King of Prussia, King of Prussia, Pa. (147 guestrooms); and<\/li>\n
  • Hilton Garden Inn Albany\/SUNY, Albany, N.Y. (126 guestrooms).<\/li>\n<\/ul>\n

    \u201cThe financings were all competitively bid,\u201d Sonnenblick-Eichner Principal Elliot Eichner said in a prepared statement. \u201cThe recently completed Archer Austin closed with only three months of operational history. The loan also provided for an earn-out allowing the borrower an opportunity to increase loan proceeds as the property ramps up.\u201d<\/p>\n

    \u201cThe various financing structures met our client\u2019s expectations in terms of locking in advantageous long-term fixed rates on two of the assets, and a flexible LIBOR-based facility on the other properties,\u201d Patrick Brown, also a Sonnenblick-Eichner Principal, added.<\/p>\n

    Sonnenblick-Eichner specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing, as well as joint-venture equity transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Working on behalf of LodgeWorks, the firm has secured funds for two Hyatt House properties, a Hilton Garden Inn and a boutique Archer Hotel. <\/p>\n","protected":false},"author":882,"featured_media":1004164149,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21751,21742,10],"tags":[33475,32805,33185,33476,33474],"class_list":["post-1004164148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-hotel","category-latest","category-northeast","tag-archer-hotels","tag-hilton","tag-hyatt","tag-lodgeworks-partners","tag-sonnenblick-eichner-company"],"acf":[],"yoast_head":"\nSonnenblick-Eichner Lines Up $92M Refi for Hotel Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sonnenblick-eichner-arranges-92m-in-funding-for-hotel-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sonnenblick-Eichner Lines Up $92M Refi for Hotel Portfolio\" \/>\n<meta property=\"og:description\" content=\"Working on behalf of LodgeWorks, the firm has secured funds for two Hyatt House properties, a Hilton Garden Inn and a boutique Archer Hotel.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sonnenblick-eichner-arranges-92m-in-funding-for-hotel-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-16T12:51:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T22:01:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Hyatt-House-in-Falls-Church-Va..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"808\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sonnenblick-eichner-arranges-92m-in-funding-for-hotel-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/sonnenblick-eichner-arranges-92m-in-funding-for-hotel-portfolio\/\",\"name\":\"Sonnenblick-Eichner Lines Up $92M Refi for Hotel Portfolio - 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