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CAMPBELL, CALIF. — Sonnenblick-Eichner Co. has secured $36.3 million in first mortgage financing for the acquisition of DoubleTree by Hilton Hotel Campbell – Pruneyard Plaza, a 169-room full-service hotel in downtown Campbell.
The undisclosed borrower used the long-term, fixed-rate loan to facilitate the purchase of the hotel and provide funds for a $5.8 million renovation. The 12-year loan, which a life insurance company provided, features a 4.5 percent interest rate with four years of interest-only payments and a 30-year amortization schedule.