Beverly Hills, California – February 23, 2016 – Sonnenblick-Eichner Company announced today that it has arranged $27,000,000 of first mortgage financing for the 167-room Cedarbrook Lodge, Sea-Tac – Seattle, Washington.
The 10-year fixed rate, non-recourse financing was priced in the mid-4 percent range with interest-only payments for the entire term of the loan.
The hotel is located on seven acres of restored natural wetlands and is less than two miles from SeaTac International Airport. Amenities at the hotel include over 17,000 square feet of state-of-the-art meeting space and a 1,600 square-foot fitness center. Additionally, the hotel is home to “The Spa” and the award-winning Copperleaf Restaurant & Bar.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, “Despite the volatility in the capital markets over the last couple of weeks, we were successful in getting the lender to hold their spread and close the loan in the mid 4 percent range with full term interest-only.”
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: “We are seeing no shortage of mortgage capital for all product types, including independent branded hotels such as the Cedarbrook Lodge.”
