Dealmaker: Sonnenblick-Eichner Co. Arranges $38M for Portofino Hotel & Marina

Sonnenblick-Eichner Co., Beverly Hills, Calif. arranged $38 million in interim first mortgage leasehold financing for The Portofino Hotel & Marina, a full-service hotel in Redondo Beach, Calif.

The new five-year floating-rate LIBOR-based loan replaced a maturing loan. The Commercial Observer reported Rockbridge Capital, Columbus, Ohio, originated the financing.

The property includes a 181-slip marina and 19 rental apartments in addition to 161 guestrooms.

Located within Los Angeles’ South Bay, the property is near Hermosa Beach, Manhattan Beach, El Segundo and Redondo Beach and employment centers including the Rosecrans Corridor and Silicon Beach.

Elliot Eichner, Principal with Sonnenblick-Eichner, noted one challenge was getting the lender comfortable with the ramp-up of the property to pre-COVID levels as well as the short term remaining on the ground lease.

Patrick Brown, also a Principal with Sonnenblick-Eichner said multiple institutional lenders expressed interest in providing the financing.