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BEVERLY HILLS, Calif., Aug. 13, 2019 (GLOBE NEWSWIRE) -- Sonnenblick-Eichner Company announced today that it has arranged $46 million of interim first mortgage financing for the Maison Dupuy, a five-story, 200-room, full-service, boutique hotel located in the world famous French Quarter of downtown New Orleans, LA. Proceeds from the five-year non-recourse LIBOR-based loan will be utilized to pay off the existing indebtedness and provide funds for the renovation of the property.
The hotel is excellently located just two blocks off of Bourbon Street at the corner of Toulouse Street and Burgundy Street. The French Quarter is the center of New Orleans’ hospitality economy and among the world’s most recognized and popular tourist destinations. The hotel offers the highly-rated Bistreaux Restaurant and Bar, an oversized 4,088-square-foot interior courtyard, one of the largest in the French Quarter, an outdoor heated swimming pool and cabanas, fitness center, business center, and 4,173 square feet of meeting and banquet space. The hotel also includes 65 subterranean parking spaces, a rarity in the French Quarter.
“We were successful in attracting numerous competitive financing quotes from a variety of financial institutions for this opportunity. We ultimately funded the transaction with a global asset management company that has a dedicated real estate lending platform,” said Sonnenblick-Eichner Company Principal Elliot Eichner.
“New Orleans is a market where we have completed numerous transactions. We arranged financing for the Old 77 Hotel in the Warehouse District, the Mazarin Hotel in the French Quarter, and other properties including The Shops at Canal Place, the Doubletree by Hilton New Orleans, as well as the Courtyard by Marriott Downtown/Convention Center and the Springhill Suites Convention Center,” added Sonnenblick-Eichner Principal Patrick Brown.
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.
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e4a8d6af-5e2f-422b-baa7-6d5e1e1665f4