Sonnenblick-Eichner Company, a Los Angeles-based real estate investment banking firm, announced this week that it had arranged $17,500,000 of first mortgage financing for the DoubleTree by Hilton Hotel Dallas-Campbell Centre. Funded by a private real estate debt fund, the new 5-year facility is LIBOR-based, and non-recourse to the borrower.
David Sonnenblick, a Principal of Sonnenblick-Eichner Company, said of the deal, "This financing provided the ownership the ability to recapitalize their existing debt, as well as provide for prepayment flexibility to allow them to execute their business plan for the hotel over the next three to five years."
"We were able to obtain multiple financing quotes demonstrating that there is liquidity in the capital markets for hotels with in-place cash flow," added Elliot Eichner, also a principal of Sonnenblick-Eichner Company.
The 20-story, 300-room hotel is located within Campbell Centre, a mixed-use office and commercial property complex comprised of the hotel and two 20-story office buildings totaling approximately 875,000 square feet. The property is located across the North Central Expressway from NorthPark Center, Dallas' premier 2 million square-foot super regional shopping mall anchored by Neiman Marcus, Nordstrom, Barney's New York, Dillard's and Macy's.
For more news and information visit Blumberg Capital Partners.
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