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Sonnenblick-Eichner Arranges First Mortgage Debt on Coastal SoCal Hotels

Sonnenblick-Eichner Company arranged $126.136 million of first mortgage debt for Pacifica Hotels to refinance a portfolio of seven Southern California hotels totaling 601 keys. The portfolio includes oceanfront and coastal hotels located in San Diego, Pismo Beach, Venice and Manhattan Beach.

The three- and five-year fixed-rate non-recourse loans were funded by a Wall Street investment bank and an insurance company. The portfolio includes the following properties:

• The Wayfarer San Diego
• Sandcastle Hotel on the Beach, Pismo Beach
• Inn at Venice Beach, Venice
• The Kinney Venice Beach, Venice
• Spyglass Inn, Pismo Beach
• Cottage Inn by the Sea, Pismo Beach
• The Belamar Hotel, a Tapestry Collection by Hilton, Manhattan Beach

“We were successful in sourcing financing from several capital providers. Ultimately, the best execution was closing with two lenders for the portfolio. The portfolio was competitively bid as evidenced by the level of interest that we received,” said Elliot Eichner, a principal of Sonnenblick-Eichner Company.

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Sonnenblick Eichner

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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