LOS ANGELES, California—Sonnenblick-Eichner Company introduced that it organized $50 million of first mortgage leasehold financing for Valencia Resort Assortment to refinance its Resort Valencia Santana Row in San Jose, California. The non-recourse, fixed-rate, five-year mortgage is interest-only for the time period and priced at lower than 7 %. The mortgage was funded by a global cash middle business financial institution.
The 216-room lodge provides 11,188 sq. ft of indoor/out of doors assembly and occasion area, a health middle, rooftop pool and Jacuzzi, and an open-air inside courtyard. Resort Valencia Santana Row is the one lodge inside San Jose’s Santana Row, a 2.5 million square-foot mixed-use growth that pulls roughly 13 million guests yearly. It additionally contains greater than 50 Excessive Road retail retailers, 35 eating places, 662 rental residences, 219 residential condominiums, and roughly 1.7 million sq. ft of Class-A workplace area.
“Reflecting the super quantity of liquidity that’s available in the market for lodge financing as we speak, we had 16 provides from business banks, insurance coverage firms, and CMBS lenders for this financing alternative,” mentioned Sonnenblick-Eichner Principal David Sonnenblick.
“The debt markets proceed to be extraordinarily liquid for all sorts of hospitality transactions, together with development, bridge, and everlasting financing. We’re acquiring a number of bids on all hospitality loans we’re providing to the market,” added Patrick Brown, additionally a Principal of Sonnenblick-Eichner Firm.”
