Dealmaker: Sonnenblick-Eichner Co. Arranges $46M for New Orleans Hotel

Sonnenblick-Eichner Co., Beverly Hills, Calif., arranged $46 million of interim first mortgage financing for Maison Dupuy, a 200-room boutique hotel in downtown New Orleans.

Proceeds from the five-year non-recourse LIBOR-based loan paid off existing debt and provided funds to renovate the property. Commercial Observer first reported asset manager AllianceBernstein, New York, funded the bridge loan.

The five-story full-service hotel is two blocks from Bourbon Street at the corner of Toulouse Street and Burgundy Street in the French Quarter, the center of New Orleans’ hospitality economy. The property includes Bistreaux Restaurant and Bar, a 4,100-square-foot interior courtyard, an outdoor heated swimming pool and cabanas and something rarely found in the French Quarter: 65 underground parking spaces.

Sonnenblick-Eichner Co. Principal Patrick Brown noted the firm has completed several recent transactions in New Orleans. It 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.