Keyword: Sonnenblick-Eichner Company
The interest rate for this 10-year, non-recourse, fixed-rate loan is in the low 4-percent range, and was priced at less than 200 basis points over the swap rate.
Hotel real estate experts project sustained activity amid favorable conditions in lending and hotel performance.
The three separate long-term fixed-rate loans were arranged for the refinancing of Best Western Plus Hotels located in Lake Tahoe, Sacramento and San Diego.
The financing consisted of four separate non-recourse, non-cross collateralized loans from three different lenders.
Fed Chair Janet Yellen said the move by the central bank should be viewed as a vote of confidence in the U.S. economy.
Loans that are coming due are not causing much stress for lenders or borrowers, but several factors threaten to increase the cost of CMBS refinancing.
The 164-room, luxury boutique hotel underwent a $28-million renovation and reopened in January 2015.
by HM Staff
The company arranged 10-year fixed rate, non-recourse financing for the 167-room Cedarbrook Lodge in Seattle.