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Follow on Google News | Sonnenblick-Eichner Company Arranges $65 Million Loan to Refinance Marriott Monterey HotelBy: Sonnenblick-Eichner Company The 10-year, fixed-rate financing was provided by a European Money Center bank and was underwritten at a debt yield below 10 percent. "The widening spreads in the bond market made finding attractive long-term CMBS debt very challenging," "The financing replaced the maturing debt that we arranged in 2006," added Patrick Brown, also a principal of Sonnenblick- The AAA-rated, Four Diamond hotel is located adjacent to the Monterey Conference Center in the heart of the downtown retail district. The 10-story hotel includes approximately 16,500 square feet of meeting space, spa, two restaurants and subterranean parking for 142 cars. Monterey is home to the Monterey Aquarium and Cannery Row and within close proximity to the world famous Pebble Beach Golf Links. The Monterey area hosts more than four million visitors per year and is one of the premier tourist destinations in the country. About Sonnenblick- Sonnenblick- End
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