Sonnenblick-Eichner Firm Arranges Mortgage to Refinance Hotel Nia, Autograph Series
LOS ANGELES, California—Sonnenblick-Eichner Firm announced that it has arranged $110 million in first mortgage debt for Independence Menlo Hotel Owner LLC to refinance Hotel Nia, Autograph Series, in Menlo Park, California. The non-recourse, floating-payment, intervening time five-three hundred and sixty five days loan used to be funded by a non-public proper property credit investment supervisor.
Hotel Nia is an 11-narrative, 250-room, fleshy-provider luxury hotel branded as an Autograph Series by Marriott. Positioned in the Menlo Gateway grasp-figuring out pattern, the hotel is lower than one mile from Meta Platforms’ corporate headquarters. Carried out in 2018, the hotel presents approximately 10,046 square feet of indoor meeting and feast situation and 5,299 square feet of pre-feature and out of doors match situation. The hotel entails the Porta Blu Restaurant & Bar, Verve Cafe, industry and successfully being companies and products, a market pantry, and an outside swimming pool and Jacuzzi.
“There continues to be a indispensable amount of capital in the market right this moment time for quality hospitality merchandise. Due to Hotel NIA’s tender region, the restoration of the Bay Negate market, and steady institutional sponsorship, we were in a position to generate a indispensable amount of hobby in this financing. The loan priced at a credit spread of lower than 400 bps over SOFR,” acknowledged Sonnenblick-Eichner Major David Sonnenblick.
“Over the final 12 months, we now comprise got arranged approximately $500 million of mounted and floating payment hospitality financing, confirming that there is liquidity and question for hospitality loans in right this moment time’s market,” added Patrick Brown, moreover a prime of Sonnenblick-Eichner Firm.
