Beverly Hills, California – January 28, 2020 – Sonnenblick-Eichner Company announced today that it has arranged $17,750,000 of interim first mortgage financing for The Normandy Hotel, a six-story, 75-room boutique hotel located in the upscale Kalorama district of Washington, D.C. The Kalorama district is one of Washington, D.C.’s most desirable neighborhoods, located just blocks from Dupont Circle, and minutes from the White House, Capitol Hill, Smithsonian Museums, National Zoo and the Walter E. Washington Convention Center.
The non-recourse LIBOR-based loan has a term of 5 years and paid off an existing acquisition and renovation loan that was also arranged by Sonnenblick-Eichner Company.
In September of 2018, the Borrower completed an $800,000 refresh of the Hotel. The refresh included the lobby, hallway and guestroom renovations, common area casegoods, state-of-the-art broadband connectivity, as well as new exterior paint, signage, lighting, and landscaping.
Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, “The floating rate loan provides the borrower additional time for the hotel to ramp-up post renovation to stabilization.”
Patrick Brown, also a Principal of Sonnenblick-Eichner Company, added: “This loan refinanced the previous loan at a lower interest rate, yielding significant cost savings to the borrower.”
