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BEVERLY HILLS, Calif., Sept. 10, 2019 (GLOBE NEWSWIRE) -- Sonnenblick-Eichner Company announced today that it has arranged first mortgage financing for the Post Ranch Inn, an iconic 39-room, full-service, luxury resort located in Big Sur, CA.
The 10-year, interest-only, non-recourse loan has a fixed interest rate of 3.29 percent. The credit spread was sub-120 basis points.
Overlooking the Pacific Ocean from the cliffs of Big Sur, Post Ranch Inn is internationally recognized as one of the finest destination resorts in the world. Situated on approximately 90 acres, the property features 39 guestrooms in 27 buildings, a spa, two cliff-top infinity-edge pools, an outdoor heated lap pool, private hiking trails, yoga and meditation decks, a fitness center and the award winning restaurant, Sierra Mar.
“The Post Ranch Inn is a one-of-a-kind asset. We were able to create a competitive environment resulting in multiple financing quotes at credit spreads less than 120 basis points, as well as negotiating an advantageous floor on the 10-year swap rate allowing for a continued reduction in rate as interest rates declined,” commented Elliot Eichner, a Principal of Sonnenblick-Eichner Company.
“We received 17 financing quotes from lending sources including life insurance companies and Wall Street investment banks. The loan pays off a maturing loan that we arranged in 2014,” commented 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/b7012349-44a5-4cc0-a595-7be1a1a907dc