Sonnenblick-Eichner Company arranged $126.136 million of first mortgage debt for Pacifica Hotels to refinance a portfolio of seven Southern California hotels totaling 601 keys. The portfolio includes oceanfront and coastal hotels located in San Diego, Pismo Beach, Venice and Manhattan Beach.
The three- and five-year fixed-rate non-recourse loans were funded by a Wall Street investment bank and an insurance company. The portfolio includes the following properties:
• The Wayfarer San Diego
• Sandcastle Hotel on the Beach, Pismo Beach
• Inn at Venice Beach, Venice
• The Kinney Venice Beach, Venice
• Spyglass Inn, Pismo Beach
• Cottage Inn by the Sea, Pismo Beach
• The Belamar Hotel, a Tapestry Collection by Hilton, Manhattan Beach
“We were successful in sourcing financing from several capital providers. Ultimately, the best execution was closing with two lenders for the portfolio. The portfolio was competitively bid as evidenced by the level of interest that we received,” said Elliot Eichner, a Principal of Sonnenblick-Eichner Company.
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