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Beverly Hills, Calif., Oct. 23, 2019 (GLOBE NEWSWIRE) -- Sonnenblick-Eichner Company has arranged $13.75 million in construction and interim financing for the world-renowned L’Horizon Resort and Spa, a full-service, luxury resort located in Palm Springs, CA.
The five-year LIBOR-based loan provides funds to refinance the existing debt on the 25-room resort as well as for the ground-up construction of an additional 24 bungalow-style guestrooms on an adjacent parcel.
Widely considered one of the premiere destinations in Palm Springs, L’ Horizon Resort and Spa was ranked #1 Resort in the United States in 2018 and #2 in the world in 2019, according to Condé Nast Traveler Reader’s Choice Awards Survey. Situated on approximately three acres of impeccably landscaped grounds, it is among the lowest density resort developments in the market. The resort offers nearly 50 water features dispersed throughout the property, an infinity-edge swimming pool and fire pit.
“In addition to tailoring the hybrid loan structure to accommodate a hotel with existing operations and new construction, the loan also provides our client with a conversion option to a permanent loan ensuring a take-out upon completion,” commented Elliot Eichner, a Principal of Sonnenblick-Eichner Company.
“We continue to experience a very liquid market throughout the United States for construction loans, for both branded and independent hotels,” added Patrick Brown, also a Principal of Sonnenblick-Eichner Company.
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-based real estate investment banking firm that specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing as well as joint-venture equity transactions. The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types including retail, office, hospitality, industrial, and multifamily properties.
Source: Sonnenblick-Eichner Company
Media Contact: Bruce Beck
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/17f4e0d0-4836-45cc-89ae-e6d407730719