Dealmaker: Inn at the Pier Receives $27M Bridge Loan
Michael Tucker email@example.com
Sonnenblick-Eichner Co., Beverly Hills, Calif., arranged $26.5 million in interim first mortgage debt to refinance the Inn at the Pier in Pismo Beach, Calif.
The new 104-room boutique hotel is one-half block from the Pacific Ocean.
The Commercial Observer reported Silverpeak, New York, originated the bridge loan for borrower Somera Capital Management, Washington, D.C. A debt fund provided the funds.
The non-recourse loan, which returned equity to the borrower, priced in the mid-$300s over 30-day LIBOR.
The Inn at the Pier opened in November 2017. It includes a full-service restaurant, the only roof-top bar in the city and 2,637 square feet of street-level retail space. The Inn at the Pier's location adjacent to the Pismo Beach pier provides access to the beach as well as downtown attractions including restaurants.
"Given the liquidity in the debt capital markets, the loan was competitively bid for a property with limited operating history since completion of construction," Sonnenblick-Eichner Co. Principal Elliot Eichner said.
Sonnenblick-Eichner Co. Principal Patrick Brown said the new loan refinanced a construction loan the firm arranged for the ownership.