Sonnenblick-Eichner Company has arranged a $26-million first mortgage loan to refinance the Residence Inn by Marriott Walnut Creek, in Walnut Creek. The non-recourse fixed-rate, five-year loan is interest-only for the term and was funded by a Wall Street investment bank.
The Residence Inn by Marriott Walnut Creek is a six-story, 160-room extended-stay hotel with 870 square feet of meeting space, an indoor pool, a fitness room, an outdoor patio, a barbecue area and subterranean parking for 144 cars. The hotel is located less than half a mile from the Walnut Creek BART station.
“Evidencing the recovery in the Northern California hospitality market, we were able to attract competitive fixed-rate financing at a lower cost of capital than the maturing floating-rate debt,” said Sonnenblick-Eichner principal Elliot Eichner.
Added Patrick Brown, also a principal of Sonnenblick-Eichner, “The loan refinanced an interim bridge loan that we previously arranged for the partnership.”
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