PORTLAND, OR—Sonnenblick-Eichner Co. has arranged $41 million of first mortgage financing for the Hotel Eastlund here.
The financing was a non-recourse, 10-year, fixed-rate loan provided by an international money center bank.
“The hotel recently completed an extensive renovation and rebranding and had limited operating history at the time of the closing of the new loan,” said Elliot Eichner, principal of Sonnenblick-Eichner Co. “By underwriting the most recent trailing 12-month cash flow, we were able to maximize loan proceeds. We were also successful in negotiating two years’ of interest-only payments.”
“This new loan takes out an acquisition and construction loan that we previously arranged for the ownership,” added Patrick Brown, also a company principal.
Located across the street from the Oregon Convention Center in the city’s Lloyd District, Hotel Eastlund is a six-story, 168-room boutique hotel whose amenities include approximately 4,800 sq. ft. of meeting and banquet space, the Altabira City Tavern and Citizen Baker, a rooftop deck, and business and fitness centers. The hotel also includes approximately 1,000 sq. ft. of street-level retail space and on-site parking for approximately 131 cars.