Sonnenblick-Eichner Company has arranged a $26 million first mortgage loan to refinance the Residence Inn by Marriott Walnut Creek, in Walnut Creek, Calif. The non-recourse fixed-rate, five-year loan is interest only for the term and was funded by a Wall Street investment bank. Other terms and conditions were not disclosed.
The Residence Inn by Marriott Walnut Creek is a six-story, 160-room extended-stay hotel with 870-square-feet of meeting space, an indoor pool, fitness room, an outdoor patio, barbecue area and subterranean parking for 144 cars. The hotel is located less than a mile from the Walnut Creek BART station, which provides access to downtown San Francisco and the surrounding the 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,” Sonnenblick-Eichner Principal Elliot Eichner said in a statement.
“The loan refinanced an interim bridge loan that we previously arranged for the partnership,” added Patrick Brown, also a principal of Sonnenblick-Eichner Company.