Overview
- Sonnenblick-Eichner Company arranged a $50 million first-mortgage leasehold refinancing for Valencia Hotel Collection’s San Jose property.
- The loan is non-recourse, fixed-rate, five years in term, interest-only throughout, and priced at under 7%.
- The arranger reported 16 bids from commercial banks, insurance companies, and CMBS lenders for the assignment.
- Hotel News Resource attributes the funding to an international money center bank, while Commercial Observer reports Citigroup as the lender.
- Hotel Valencia Santana Row is a 216-room, AAA Four Diamond hotel that stands as the only lodging within the 2.5 million square foot Santana Row district, which draws about 13 million visitors annually.