LOS ANGELES, California—Sonnenblick-Eichner Firm introduced that it organized $50 million of first mortgage leasehold financing for Valencia Lodge Assortment to refinance its Lodge Valencia Santana Row in San Jose, California. The non-recourse, fixed-rate, five-year mortgage is interest-only for the time period and priced at lower than 7 %. The mortgage was funded by a global cash heart business financial institution.
The 216-room lodge provides 11,188 sq. toes of indoor/out of doors assembly and occasion house, a health heart, rooftop pool and Jacuzzi, and an open-air inside courtyard. Lodge Valencia Santana Row is the one lodge inside San Jose’s Santana Row, a 2.5 million square-foot mixed-use growth that draws roughly 13 million guests yearly. It additionally contains greater than 50 Excessive Avenue retail outlets, 35 eating places, 662 rental residences, 219 residential condominiums, and roughly 1.7 million sq. toes of Class-A workplace house.
“Reflecting the great quantity of liquidity that’s out there for lodge financing as we speak, we had 16 provides from business banks, insurance coverage firms, and CMBS lenders for this financing alternative,” stated Sonnenblick-Eichner Principal David Sonnenblick.
“The debt markets proceed to be extraordinarily liquid for all sorts of hospitality transactions, together with building, bridge, and everlasting financing. We’re acquiring a number of bids on all hospitality loans we’re providing to the market,” added Patrick Brown, additionally a Principal of Sonnenblick-Eichner Firm.”