LOS ANGELES, California—Sonnenblick-Eichner Company has organized a $26 million first mortgage mortgage to refinance the Residence Inn by Marriott Walnut Creek, in Walnut Creek, California. The non-recourse fixed-rate, five-year mortgage is interest-only for the time period and was funded by a Wall Avenue funding financial institution.
The Residence Inn by Marriott Walnut Creek is a six-story, 160-room extended-stay resort with 870 sq. toes of assembly house, an indoor pool, health room, an outside patio, barbecue space, and subterranean parking for 144 vehicles. The resort is positioned lower than one-half mile from the Walnut Creek BART station, which gives entry to downtown San Francisco and the encompassing Bay Space.
“Evidencing the restoration in the Northern California hospitality market, we have been in a position to appeal to aggressive fixed-rate financing at a decrease price of capital than the maturing floating price debt,” mentioned Sonnenblick-Eichner Firm Principal Elliot Eichner.
“The mortgage refinanced an interim bridge mortgage that we beforehand organized for the partnership,” added Patrick Brown, additionally a principal of Sonnenblick-Eichner Firm.
