Sonnenblick-Eichner Co. Arranges $17.75 Million Loan on Washington, DC Hotel
By: Sonnenblick-Eichner Company
The non-recourse LIBOR-based loan has a term of five years and paid off an existing acquisition and renovation loan that was also arranged by Sonnenblick-
"The floating rate loan provides the borrower additional time for the hotel to ramp-up post renovation to stabilization,"
"This loan refinanced the previous loan at a lower interest rate, yielding significant cost savings to the borrower," added Patrick Brown, also a Principal of Sonnenblick-
The Kalorama district is one of Washington, D.C.'s most desirable neighborhoods, located just blocks from Dupont Circle, and minutes from the White House, Capitol Hill, Smithsonian Museums, National Zoo and the Walter E. Washington Convention Center.
In September of 2018, the Borrower completed an $800,000 refresh of the Hotel. The refresh included the lobby, hallway and guestroom renovations, common area casegoods, state-of-the-
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