Sonnenblick-Eichner Co. Arranges $22M Refi of LA Doubletree

Beverly Hills, CA-based real estate investment banking firm Sonnenblick-Eichner Company has arranged $22 million of non-recourse, first mortgage financing for the leasehold interest in the Doubletree by Hilton Los Angeles Hotel in Commerce, CA. Proceeds of the five-year, 5.9% fixed-rate loan were used to pay off a maturing CMBS loan and provided for a return of equity to the partnership.

The 201-room hotel features several amenities, including a full-service restaurant and bar, 9,000 square feet of meeting and banquet space, an outdoor pool and jacuzzi, fitness center, business center and 420 parking spaces.

“We were successful in arranging a five-year fixed rate loan, which in this market is a preferred execution given the short-term SOFR rate,” said Elliot Eichner, a Principal of Sonnenblick-Eichner. “Fixing the rate mitigates the risk of increasing interest rates, as well as eliminating the need to purchase an interest rate cap.”