US: Actual property funding banking agency Sonnenblick-Eichner Firm has organized $22.6 million (£17.6 million) in first mortgage leasehold financing for Lodge Valencia Riverwalk, a luxurious lodge situated alongside the San Antonio River Stroll in downtown San Antonio, Texas.
The financing was secured on behalf of the lodge’s operator and proprietor, Valencia Lodge Group, and shall be used to refinance a maturing 10-year mortgage beforehand positioned by the identical agency.
The 12-story, 213-room property is a part of the AAA-rated, 4 Diamond Valencia Lodge Assortment.
It presents 9,841 sq. toes of assembly and occasion house, a health middle, and an inside open-air courtyard.
The lodge’s eating choices embody the signature restaurant Dorrego’s, the Naranja Tequila and Mezcal Bar, and Café Naranja, all with views overlooking the San Antonio River.
David Sonnenblick, principal at Sonnenblick-Eichner Firm mentioned: “We had large lender curiosity on this financing alternative and in the end closed a five-year fixed-rate mortgage which was sized to a low debt yield for a lodge encumbered by a floor lease.”
Patrick Brown, additionally a principal mentioned: “The debt markets are extraordinarily liquid for each fixed- and floating-rate lodge loans, as evidenced by the extent of curiosity we skilled on this transaction and different lodge loans that we’re advertising and marketing.”
Highlights:
- Sonnenblick-Eichner Firm has organized $22.6 million in first mortgage leasehold financing for Lodge Valencia Riverwalk.
- The 12-story, 213-room luxurious lodge is situated on the San Antonio River Stroll and operated by Valencia Lodge Group.
- The lodge options 9,841 sq. toes of assembly and occasion house, a health middle, an inside courtyard, and several other eating venues together with Dorrego’s and Naranja Tequila and Mezcal Bar.
