Sonnenblick-Eichner Arranges $29.2M Loan for Refinancing of Historic Hotel in New Orleans
NEW ORLEANS, LA. — Sonnenblick-Eichner Co. has arranged a $29.2 million loan for the refinancing of the Old No. 77 Hotel & Chandlery, a historic, 167-room hotel in New Orleans’ Warehouse Arts District. The five-year, floating-rate loan was priced at a spread in the mid-300s over LIBOR. The name of the borrower was not disclosed. The hotel underwent a $14 million renovation in 2015 that included the renovation of guest rooms, bathrooms, public spaces and a build-out of the ground floor retail space. The hotel is home to Compère Lapin, an upscale restaurant and bar helmed by James Beard Award-winning chef Nina Compton. The Old No. 77 Hotel was originally constructed in 1854 as a warehouse building. The facility was used as a chandlery, and traded in goods used for sailing voyages.