This Monterey hotel just got $65M in refinancing

Marriott Monterey

Real estate investment banking firm Sonnenblick-Eichner Company arranged $65 million of first mortgage debt for the refinancing of the 341-room Marriott Monterey Hotel in downtown Monterey, Calif.

The 10-year, fixed-rate financing was provided by a European Money Center bank and was underwritten at a debt yield below 10 percent. 

“The widening spreads in the bond market made finding attractive long-term CMBS debt very challenging,” said Elliot Eichner, principal at Sonnenblick-Eichner Company. “However, we were able to rely on our relationships with other domestic and off-shore lending sources, and through our marketing efforts were able to attract numerous loan offers from insurance companies, money center and investment banks.”

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“The financing replaced the maturing debt that we arranged in 2006,” said Patrick Brown, also a principal of Sonnenblick-Eichner Company. “We are pleased to have had the opportunity to work again with the principals of Wright Hotels and Frank K. Finneran & Co. on behalf the property owner San Carlos Associates.” 

The hotel is located adjacent to the Monterey Conference Center in the city's downtown retail district. The 10-story hotel includes approximately 16,500 square feet of meeting space, a spa, two restaurants and subterranean parking for 142 cars. Monterey is home to the Monterey Aquarium and Cannery Row and is near Pebble Beach Golf Links.

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