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Sonnenblick-Eichner Company Arranges $24M for Boutique Seattle Hotel
Sonnenblick-Eichner Company has arranged $24 million in first mortgage debt to refinance the Cedarbrook Lodge in Seattle, Washington.
The non-recourse floating-rate, interim five-year loan was funded by a private real estate debt fund. “Given the unique character of the hotel and the excellent sponsorship, we were successful in generating multiple financing bids from a variety of lenders and ultimately settled on a private funding source for their certainty of execution and structural flexibility associated with their loan,” said Sonnenblick-Eichner Company Principal Elliot Eichner.
Cedarbrook Lodge is a 167-room boutique hotel located on seven acres of restored wetlands less than two miles east of Seattle-Tacoma International Airport. Amenities include 17,000 square feet of meeting space, a 1,600-square-foot fitness center, and a 3,000-square-foot spa. The hotel also includes the Copperleaf Restaurant & Bar.
“The loan refinanced a long-term fixed-rate loan that we previously arranged for the borrower,” added Patrick Brown, Principal of Sonnenblick-Eichner Company.
