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BEVERLY HILLS, Calif., July 10, 2019 (GLOBE NEWSWIRE) -- Sonnenblick-Eichner Company announced today that it has arranged $29,000,000 of construction financing for the Cambria Hotel Calabasas, a 125-room, select-service hotel to be located on Las Virgenes Road, just one block south of U.S. Highway 101/Ventura Freeway in Calabasas, CA. Amenities at the hotel will include meeting space, indoor/outdoor dining and a lobby bar, an outdoor pool, a business and fitness center, and surface parking for approximately 150 cars.
The loan provided funding in excess of 65% of total project costs and was provided by an international commercial bank.
The hotel’s excellent West San Fernando Valley location provides convenient access to the neighboring communities of Calabasas, Malibu, Westlake Village and Woodland Hills. Calabasas is characterized by its highly affluent gated residential communities, its large base of small businesses and its location within the 101 Technology Corridor.
“We received nine financing offers, both non-recourse and recourse, from a variety of lending sources including international, regional and community banks, as well as debt funds,” said Sonnenblick-Eichner Principal Patrick Brown.
“We were able to identify an international commercial bank that provided a more attractive financing structure for our client than domestic commercial banks and debt funds,” added Sonnenblick-Eichner Company Principal David Sonnenblick.
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/64a79c9f-2a81-4124-98bc-2abbc908a997