Sonnenblick-Eichner Company arranges $30,000,000 from the first

BEVERLY HILLS, Calif., April 07, 2022 (GLOBE NEWSWIRE) — Sonnenblick-Eichner Company has arranged $30 million in long-term fixed rate financing for the Inn at the Pier, a luxury boutique hotel 104-room, full-service property located half a block from the Pacific Ocean in Pismo Beach, California.

The non-recourse loan was funded by a life insurance company and priced in the low 4% range with interest-only payments for the full term. The proceeds of the loan also provided for a return of equity to the borrower.

The Inn at the Pier features a full-service restaurant, pool and spa, and Pismo Beach’s only rooftop bar. Other amenities include 1,200 square feet of meeting space, a state-of-the-art fitness center and approximately 2,650 square feet of ground floor retail space. The hotel offers valet parking for up to 128 cars. The Inn at the Pier’s central location, adjacent to the Pismo Beach Pier, provides convenient access to the beach and downtown tourist attractions, including restaurants, shopping, and other attractions.

Elliot Eichner, Director of Sonnenblick-Eichner Company, commented: “Given the beachfront location and drive-to-leisure market orientation, we have generated considerable interest from lenders, who resulted in 14 competitive loan quotes.

Patrick Brown, also director of the Sonnenblick-Eichner company, added: “As proof of our personalized customer service, this is the third time that we have arranged financing for the hotel, including construction, intermediate fixed rate financing and long term. for the property.

About Sonnenblick-Eichner

Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-based real estate investment bank that specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing, and joint venture equity transactions. The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types, including hotel, commercial, office, industrial and multi-family properties.

Source: Sonnenblick-Eichner Society

Media Contact: Bruce Beck
[email protected]
(805) 777-7971

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/df0c4e36-2fb9-4788-90e6-822e6c9c339e

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