Sonnenblick-Eichner Company has arranged a $26 million first mortgage loan to refinance the Residence Inn by Marriott Walnut Creek in Walnut Creek, CA. The non-recourse, fixed-rate, five-year loan is interest-only for the term and was funded by a Wall Street investment bank.
The property is a six-story, 160-room extended-stay hotel with 870 sq. ft. of meeting space, an indoor pool, a fitness room, an outdoor patio, a barbecue area and subterranean parking for 144 cars. The hotel is less than half a mile from the Walnut Creek BART station, which provides access to downtown San Francisco and the surrounding Bay Area.
“Evidencing the recovery in the Northern California hospitality market, we were able to attract competitive fixed-rate financing at a lower cost of capital than the maturing floating rate debt,” said Elliot Eichner, principal, Sonnenblick-Eichner Company.
“The loan refinanced an interim bridge loan that we previously arranged for the partnership,” added Patrick Brown, principal, Sonnenblick-Eichner Company.
