Beverly Hills, CA (April 2, 2019) – Sonnenblick-Eichner Company announced today that it has arranged $36.3 million of first mortgage financing for the acquisition of the DoubleTree by Hilton Hotel Campbell – Pruneyard Plaza, a 169-room, full service hotel located in downtown Campbell, California.
The long-term, fixed-rate loan facilitated the acquisition of the property and provides funds for a $5.8 million renovation of the property. The 12-year loan was provided by a life insurance company and was priced at 4.48% with four years of interest-only payments followed by amortization on a 30-year schedule.
The Hotel has an irreplaceable location within The Pruneyard, a 27-acre mixed-use complex offering 365,000 square feet of Class-A office space and 260,000 square feet of retail space. The hotel’s location in Silicon Valley (one of the strongest performing lodging markets in the nation), results in demand generators from the numerous technology companies headquartered in the area, including eBay, Netflix, Roku, Adobe Systems, Apple, and Intel.
“Validating the tremendous amount of liquidity in the debt capital markets, we received 22 competitive loan quotes for this financing from both life insurance companies and CMBS lenders.” said Sonnenblick-Eichner Company Principal Elliot Eichner.
“We were able to accommodate our client’s short time frame necessitated by the acquisition of the property while providing our client the opportunity to lock into a low interest rate, long term fixed rate loan that provided nearly $6 million for renovation of the property,” added Sonnenblick-Eichner Principal Patrick Brown.
