LOS ANGELES, California—Sonnenblick-Eichner Firm introduced that it organized $50 million of first mortgage leasehold financing for Valencia Resort Assortment to refinance its Resort Valencia Santana Row in San Jose, California. The non-recourse, fixed-rate, five-year mortgage is interest-only for the time period and priced at lower than 7 p.c. The mortgage was funded by a global cash heart business financial institution.
The 216-room resort affords 11,188 sq. ft of indoor/outside assembly and occasion area, a health heart, rooftop pool and Jacuzzi, and an open-air inside courtyard. Resort Valencia Santana Row is the one resort inside San Jose’s Santana Row, a 2.5 million square-foot mixed-use growth that draws roughly 13 million guests yearly. It additionally contains greater than 50 Excessive Road retail retailers, 35 eating places, 662 rental residences, 219 residential condominiums, and roughly 1.7 million sq. ft of Class-A workplace area.
“Reflecting the large quantity of liquidity that’s out there for resort financing at present, we had 16 affords from business banks, insurance coverage corporations, and CMBS lenders for this financing alternative,” mentioned Sonnenblick-Eichner Principal David Sonnenblick.
“The debt markets proceed to be extraordinarily liquid for all sorts of hospitality transactions, together with development, bridge, and everlasting financing. We’re acquiring a number of bids on all hospitality loans we’re providing to the market,” added Patrick Brown, additionally a Principal of Sonnenblick-Eichner Firm.”
