Los Angeles, California—Sonnenblick-Eichner Firm has organized $22.6 million of first mortgage leasehold financing on behalf of Valencia Resort Group to refinance its Hotel Valencia Riverwalk, a 12-story, 213-room resort in downtown San Antonio, TX.
The property, a part of the Valencia Resort Assortment, contains 9,841 sq. ft of assembly and occasion house, a health middle, an inside open-air courtyard, and al fresco eating overlooking the San Antonio River. Meals and beverage choices embody Dorrego’s, Naranja Tequila and Mezcal Bar, and Café Naranja.
“We had large lender curiosity on this financing alternative and finally closed a five-year fixed-rate mortgage which was sized to a low debt yield for a resort encumbered by a floor lease,” mentioned Sonnenblick-Eichner Principal David Sonnenblick.
“The mortgage refinanced a maturing 10-year mortgage that we initially positioned on the property. The debt markets are extraordinarily liquid for each fixed- and floating-rate resort loans, as evidenced by the extent of curiosity we skilled on this transaction and different resort loans that we’re advertising and marketing,” added Patrick Brown, additionally a principal of Sonnenblick-Eichner Firm.
