Sonnenblick-Eichner Arranges $24 mil of First Mortgage for Surfsand Resort in Cannon Beach, OR
LOS ANGELES, CA, November 28, 2006. Sonnenblick-Eichner Company announced today that it has arranged $24,000,000 of first mortgage financing for the Surfsand Resort, Cannon Beach's premier full service resort located on the beach along Oregon's northern coast. Proceeds from the loan will be used to completely renovate and redevelop the property. The 5-year interim loan provides for interest-only payments for the first three years of the loan. The financing was provided by an affiliate of a Wall Street investment bank.
Upon completion of the redevelopment, the resort will offer 106 luxury guestrooms with amenities that include 5,800 square feet of meeting and banquet space, a restaurant with a lounge and bar, a spa, a fitness center, and an indoor pool. The hotel is located within 90 minutes of Portland and approximately 3 hours from Seattle by car. Cannon Beach is the closest recreational beach resort destination to Seattle.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company commented, "Despite the fact that part of the redevelopment was ground-up construction, we were able to structure a loan with a minimal guarantee that burns off upon completion of construction. The loan also provides flexibility for pre-payment, which will allow the borrower to access the permanent loan market when the renovation is complete."
Aaron Lerner, a Senior Associate of Sonnenblick-Eichner Company added, "Due to the tremendous amount of equity in the property and given the borrower's long term ownership and management of the hotel, we were able to get the lender comfortable with financing 100 percent of the capital required to complete the project."
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.
Media Contact:
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