Sonnenblick-Eichner Co. Secures $21M Refinancing for Palihotel Seattle

SEATTLE — Sonnenblick-Eichner Co. has arranged $21 million in non-recourse first mortgage leasehold financing for Palihotel Seattle. A partnership between Los Angeles-based Lighthouse Investments LLC and KCB Management is the borrower.

Operated by Palisociety, the hotel features 96 guest rooms. Originally built in 1895, the newly renovated property opened in November 2018 and the initial funding was sized to a debt yield less than 6 percent on the first year’s projected net-operating income. The five-year interim loan also provided for a return of equity above the existing construction loan, as well as significantly reducing the cost of capital for the borrower. An institutional debt fund provided the LIBOR-based loan.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

Subscribe to the newsletter

Webinars on Demand

Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties