Sonnenblick-Eichner Company arranged a $75-million first mortgage loan to refinance the Marriott Monterey hotel located in downtown Monterey. The non-recourse, fixed-rate, five-year loan is interest only and was funded by a Wall Street investment bank.
“Given the amount of liquidity in the market and the institutional quality of the hotel, we received 19 competitive loan quotes,” said Sonnenblick-Eichner principal Elliot Eichner. “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%.”
Added principal Patrick Brown, “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.”
Located across from the Monterey Conference Center, the 341-key full-service hotel offers 16,500 square feet of meeting and event space, a fitness center and an outdoor pool and Jacuzzi.
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