Dealmaker: Sonnenblick-Eichner Co. Arranges $22M Los Angeles Hotel Refinance

Sonnenblick-Eichner Co., Beverly Hills, Calif., arranged $22 million in non-recourse first mortgage financing for Doubletree by Hilton Los Angeles-Commerce.

An international money-center bank provided the five-year loan at a 5.9% fixed interest rate. Proceeds paid off a maturing commercial mortgage-backed securities loan and returned equity to the partnership.

Amenities at the Doubletree by Hilton Los Angeles-Commerce include a restaurant and bar and 9,000 square feet of meeting and banquet space.

“We were successful in arranging a five-year fixed-rate loan, which in this market is a preferred execution given the high short-term SOFR rate,” said Elliot Eichner, Principal with Sonnenblick-Eichner. “Fixing the rate mitigates the risk of increasing interest rates, as well as eliminating the need to purchase an interest-rate cap.”