MARINA DEL REY, CA—Sonnenblick-Eichner Co. arranged $38 million of first mortgage leasehold financing for Marina del Rey Hotel, a 164-room, full-service, luxury boutique hotel located here.
The hotel underwent a $28-million renovation and reopened in January 2015.
The three-story property features 6,291 sq. ft. of meeting space, SALT Restaurant & Bar, a heated year-round infinity pool, spa, a marina view sundeck, business center, and a 24-hour fitness center.
Company principal Elliot Eichner commented, “We were successful in arranging a 10-year, fixed-rate loan, sized to a 10% debt yield with the hotel being fully operational for less than 12 months. The loan provided for interest-only payments for the entire term.”
Company principal Patrick Brown added: “Though the property had limited operating history, the loan was fully funded at closing and did not require an earn-out provision.