Los Angeles-based Sonnenblick-Eichner Company has arranged $126 million in first mortgage debt to refinance a portfolio of seven Pacifica Hotels properties across Southern California.
The 601-room California portfolio includes The Wayfarer San Diego; Sandcastle Hotel on the Beach, Spyglass Inn and Cottage Inn by the Sea in Pismo Beach; Inn at Venice Beach and The Kinney Venice Beach; and The Belamar Hotel, a Tapestry Collection by Hilton, in Manhattan Beach.
The three- and five-year fixed-rate non-recourse loans were provided by a Wall Street investment bank and an insurance company.
“We were successful in sourcing financing from several capital providers. Ultimately, the best execution was closing with two lenders for the portfolio,” Elliot Eichner, principal at Sonnenblick-Eichner Company, said in a statement.