Sonnenblick-Eichner Company, on behalf of Woodside Hotel Group, has arranged $26,750,000 of non-cross collateralized, fixed rate, first mortgage financing for the Lafayette Park Hotel & Spa and The Lodge at Bodega Bay, located in Lafayette and Bodega Bay, California, respectively.
The $15 million loan on the Lafayette Park Hotel retired an existing life insurance company loan and provided for over $4 million of capital to renovate the guestrooms.
Proceeds from the $11.75 million loan on The Lodge at Bodega Bay paid off an existing bridge loan facility and provided for a return of partnership equity.
Both long term 10-year fixed-rate loans are non-recourse and were funded by a life insurance company.
Located on the “Highway 24" corridor in San Francisco’s East Bay suburb of Lafayette, the Lafayette Park Hotel & Spa is a full-service hotel offering 138 guestrooms. The city of Lafayette is considered the urban hub of the region, with over 14 million square feet of commercial office space located within 7 miles of the property.
The Lodge at Bodega Bay is located on the renowned Sonoma County coastline of Bodega Bay. Offering unobstructed panoramic views of Bodega Bay and the Pacific Ocean, this full-service, boutique resort offers 83 guestrooms, with amenities including Drakes Sonoma Coast fine dining restaurant and Fireside Lounge, 6,285 square feet of indoor and outdoor meeting space and the Sonoma Coast Spa and Fitness Center.
The properties are both members of the Woodside Collection (www.woodsidecollection.com) and are owned and operated by Woodside Hotel Group, Ltd., a second-generation family company that has established itself as a preeminent owner/operator of distinguished, independent hotels, restaurants and spas in northern California.
“We had tremendous interest in this financing opportunity from both Life Companies and CMBS lenders,” said Sonnenblick-Eichner Senior Managing Director, Todd Bedingfield. “Our client ultimately decided on a Life Company execution primarily due to the ability to lock rate at application.”
“As evidenced by this transaction, and other offerings we are currently marketing, we are still seeing a tremendous abundance of capital available for all product types, including hospitality,” added David Sonnenblick, a Principal of Sonnenblick-Eichner Company.
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (www.sonneich.com) is a Beverly Hills-based real estate investment banking firm that specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing as well as joint-venture equity transactions. The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types including hospitality, retail, office, industrial, and multifamily properties.
Source: Sonnenblick-Eichner Company
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