Capital Still Flowing For Seattle Deals
It's been a tumultuous few weeks in the capital markets, but deals are still getting done, especially for top-flight properties in strong markets like Seattle. "We're seeing no shortage of mortgage capital for all product types," says Sonnenblick-Eichner Co principal Elliot Eichner (above right, snapped with colleagues David Sonnenblick and Patrick Brown).
That includes independent-branded hotels. Recently Sonnenblick-Eichner facilitated $27M in first mortgage financing for the 167-room Cedarbrook Lodge (owned by Wright Hotels Inc), near SeaTac. “Despite the volatility in the capital markets, we were able to get the lender to hold its spread and close the loan in the mid-4% range with full-term interest-only," which is 10 years, explains Elliot.
