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California  + Bay Area  + Hospitality  | 

Menlo Park Refi Illustrates Recovery of Bay Area Hotel Sector

Sonnenblick-Eichner Company has arranged $110 million in first mortgage debt for Independence Menlo Hotel Owner LLC to refinance Hotel NIA in Menlo Park.  The non-recourse, floating rate, interim five-year loan was funded by a private real estate credit investment manager.

Hotel NIA is an 11-story, 250-room, full-service luxury hotel branded as an Autograph Collection by Marriott.  Completed in 2018 and located within the Menlo Gateway master-plan development, the hotel is less than a mile from Meta Platforms corporate headquarters.

“There continues to be a tremendous amount of capital in the market today for quality hospitality product,” said Sonnenblick-Eichner principal David Sonnenblick. “Due to Hotel NIA’s excellent location, the recovery of the Bay Area market and strong institutional sponsorship, we were able to generate a significant amount of interest in this financing. The loan priced at a credit spread of less than 400 bps over SOFR.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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