Sonnenblick-Eichner Co. Secures $41M Loan for Eastlund Hotel
- Mar 08, 2017
Portland, Ore.—Sonnenblick-Eichner Co. has secured $41 million in mortgage financing for Hotel Eastlund, a 168-key hotel in Portland. The 10-year, fixed-rate loan was provided by an international money center bank.
Hotel Eastlund is a six-story hotel across the street from the Oregon Convention Center in the burgeoning Lloyd District of Portland. The hotel features amenities such as rooftop dining at Altabira City Tavern, state-of-the-art fitness center, 24-hour business center and free Wi-Fi. Additional amenities include more than 5,300 square feet of flexible meeting and event space, including a grand ballroom, two conference rooms and two private dining rooms. The hotel also includes approximately 1,000 square feet of retail space and approximately 131 parking spaces.
“The hotel recently completed an extensive renovation and rebranding and had limited operating history at the time of the closing of the new loan,” Elliot Eichner, principal of Sonnenblick-Eichner Co., said in a statement. “By underwriting the most recent trailing 12-month cash flow, we were able to maximize loan proceeds. We were also successful in negotiating two years of interest-only payments.”
Images courtesy of Hotel Eastlund