In Brief: Sonnenblick-Eichner Company has successfully arranged a first mortgage financing deal worth $110 million for Hotel Nia in Menlo Park, California.
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Hotel Nia, Menlo Park, California
Sonnenblick-Eichner Company has arranged $110 million in first mortgage debt for Independence Menlo Hotel Owner LLC to refinance Hotel NIA in Menlo Park, California. The non-recourse, floating rate, interim five-year loan was funded by a private real estate credit investment manager.
Hotel NIA is an 11-story, 250-room, full-service luxury hotel branded as an Autograph Collection by Marriott. Located within the Menlo Gateway master-plan development, the hotel is less than one-mile from Meta Platforms corporate headquarters. Completed in 2018, the hotel offers approximately 10,046 square feet of indoor meeting and banquet space and 5,299 square feet of pre-function and outdoor event space. The hotel features the Porta Blu Restaurant & Bar, Verve Cafe, business and fitness centers, a market pantry and an outdoor swimming pool and Jacuzzi. The hotel offers 301 valet parking spaces comprised of 26 on-site and 275 spaces located in an adjacent parking structure.
“There continues to be a tremendous amount of capital in the market today for quality hospitality product. Due to Hotel NIA’s excellent location, the recovery of the Bay area market and strong institutional sponsorship, we were able to generate a significant amount of interest in this financing. The loan priced at a credit spread of less than 400 bps over SOFR,” said Sonnenblick-Eichner Principal David Sonnenblick.
“Over the last 12 months, we have arranged approximately $500 million of fixed and floating rate hospitality financing, confirming that there is liquidity and demand for hospitality loans in today’s market.” added Patrick Brown, also 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 retail, office, hospitality, industrial, and multifamily properties.
Media Contact:
Bruce Beck
[email protected]
(805) 777-7971
