Sonnenblick-Eichner Company has arranged $22.6 million of first mortgage leasehold financing on behalf of Valencia Hotel Group to refinance its Hotel Valencia Riverwalk, a 12-story, 213-room, full-service luxury hotel in downtown San Antonio.
The property has 9,841-square-feet of meeting and event space, a fitness center an interior open-air courtyard and al fresco dining overlooking the San Antonio River. Food and beverage options include the signature restaurant Dorrego’s, Naranja Tequilla and Mezcal Bar and Café Naranja.
The San Antonio river walk, a public park that winds along the San Antonio River, is lined with restaurants, shops and bars and is an important part of the city’s urban fabric and a major tourist attraction.
“We had tremendous lender interest in this financing opportunity and ultimately closed a five-year fixed-rate loan which was sized to a low debt yield for a hotel encumbered by a ground lease,” Sonnenblick-Eichner Principal David Sonnenblick said in a statement.
“The loan refinanced a maturing 10-year loan that we originally placed on the property. The debt markets are extremely liquid for both fixed- and floating-rate hotel loans, as evidenced by the level of interest we experienced on this transaction and other hotel loans that we are marketing,” added Patrick Brown, also a principal of Sonnenblick-Eichner Company.