Sonnenblick-Eichner Company has arranged $110 million in first mortgage debt for Independence Menlo Hotel Owner LLC to refinance Hotel NIA in Menlo Park. The non-recourse, floating rate, interim five-year loan was funded by a private real estate credit investment manager.
Hotel NIA is an 11-story, 250-room, full-service luxury hotel branded as an Autograph Collection by Marriott. Completed in 2018 and located within the Menlo Gateway master-plan development, the hotel is less than a mile from Meta Platforms corporate headquarters.
“There continues to be a tremendous amount of capital in the market today for quality hospitality product,” said Sonnenblick-Eichner principal David Sonnenblick. “Due to Hotel NIA’s excellent location, the recovery of the Bay Area market and strong institutional sponsorship, we were able to generate a significant amount of interest in this financing. The loan priced at a credit spread of less than 400 bps over SOFR.”
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