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CANNON BEACH, ORE. — Sonnenblick-Eichner Co. has arranged $20.5 million in first-mortgage financing for the 97-room Surfsand Resort, located at 148 West Gower in Cannon Beach. To be used to pay off an existing renovation and redevelopment loan previously placed by Sonnenblick-Eichner, the new 5-year, LIBOR-based, non-recourse loan was financed by a private debt fund. The full-service resort underwent a $13.2 million renovation and redevelopment in 2008. Situated 90 minutes from Portland and approximately 3 hours from Seattle by car, Surfsand Resort offers a restaurant with a lounge and bar, a spa, a fitness center, an indoor pool and 3,600 square feet of meeting space.