Financing Secured for Unique Golden Gate-Area Hospitality Asset
- Sep 23, 2016
By Alex Girda
San Francisco—A hospitality facility in the Golden Gate Bridge area recently received a financing measure totaling $75 million. Sonnenblick-Eichner Co. arranged the financing through an international money center bank. The property in question, namely Cavallo Point-The Lodge at the Golden Gate, is the area’s first ever national park lodge, that in 2015 received awards from Travel + Leisure Magazine.
Located within the Golden Gate National Recreation Area on the northern end of the iconic bridge, the 142-key facility offers 25,000 square feet of indor and outdoor meeting space, the Healing Arts Center & Spa that totals 11,000 square feet, a retail outlet, a fitness center, and a cooking school. Cavallo Point occupies a 45-acre lot on the premises of the former Fort Bake military base.
The financing arranged by Sonnenblick Eichner is a non-recourse, five-year balance sheet, LIBOR-based loan. According to Principal Elliot Eichner, the borrower selected a floating-rate balance sheet loan that would allow for a higher degree of flexibility.
Image courtesy of Sonnenblick-Eichner Co.