Photo Credit: Cedarbrook Lodge
LOS ANGELES, California—Sonnenblick-Eichner Company announced that it has arranged $24 million in first mortgage debt to refinance the Cedarbrook Lodge in Seattle, Washington. The non-recourse floating-rate, interim five-year loan was funded by a private real estate debt fund.
Cedarbrook Lodge is a 167-room, full-service boutique hotel located on seven acres of restored wetlands less than two miles east of Seattle-Tacoma International Airport. Amenities include more than 17,000 square feet of meeting space, a 1,600-square-foot fitness center, and the 3,000-square-foot The Spa at Cedarbrook Lodge. The hotel also includes the full-service Copperleaf Restaurant & Bar.
“Given the unique character of the hotel and the excellent sponsorship, we were successful in generating multiple financing bids from a variety of lenders and ultimately settled on a private funding source for their certainty of execution and structural flexibility associated with their loan,” said Sonnenblick-Eichner Company Principal Elliot Eichner.
Patrick Brown, also a principal of Sonnenblick-Eichner Company, added: “The loan refinanced a long-term fixed-rate loan that we previously arranged for the Borrower.”