Dealmaker: Sonnenblick-Eichner Secures $134M for Lodging, Retail Assets

Sonnenblick-Eichner Co., Los Angeles, arranged $134 million for a California resort and a Hawaii retail center.

The firm secured $75 million for Cavallo Point-The Lodge at the Golden Gate in Sausalito, Calif. On 45 acres within the former Fort Baker military base, the property includes lodging in former officers’ quarters, more than 25,000 square feet of indoor and outdoor meeting space and a cooking school at the Golden Gate Bridge’s northern foot.

An international money center bank provided the non-recourse, five-year LIBOR-based loan, said Elliot Eichner, Principal with Sonnenblick-Eichner Co.

“Given the unique nature and irreplaceable location of the property, we were able to attract multiple financing options,” Eichner said. “The borrower chose a floating-rate balance sheet loan that afforded them maximum flexibility.”

Sonnenblick-Eichner also secured $59 million for Robertson Properties Group, Los Angeles, to refinance Pearl City Gateway, a 146,000-square-foot community shopping center near Honolulu, Hawaii.

The 10-year fixed-rate financing from New York Life Real Estate Investors replaced maturing debt on the retail center that RPG developed in 2010.  The loan carried a sub-4 percent interest rate with a 30-year amortization.

“We continue to see liquidity in the capital markets for all kinds of retail assets, with well-located community centers like Pearl City Gateway receiving tremendous interest in the marketplace,” said company Principal David Sonnenblick. 

Pearl City is an affluent suburban community 11 miles west of downtown Honolulu on Oahu. A variety of local and national retailers including Babies R Us, TJ Maxx and Petco fully occupy the asset.