BEVERLY HILLS, CA--(Marketwire - March 6, 2012) - Sonnenblick-Eichner Company announced today that it has arranged $17,500,000 of first mortgage financing for the DoubleTree by Hilton Hotel Dallas-Campbell Centre, a 300-room, full service hotel located on the Central Expressway corridor, just north of downtown Dallas, Texas. The hotel is located within Campbell Centre, a mixed-use office and commercial property complex comprised of the hotel and two 20-story office buildings totaling approximately 875,000 square feet. The 21-story hotel has surface and subterranean parking, as well as 14,966 square feet of meeting space. Funded by a private real estate debt fund, the new 5-year facility is LIBOR-based, and non-recourse to the borrower.
The property is located across the North Central Expressway from NorthPark Center, Dallas' premier 2 million square-foot super regional shopping mall anchored by Neiman Marcus, Nordstrom, Barney's New York, Dillard's and Macy's. Southern Methodist University is located approximately 2.5 miles to the southwest, and downtown Dallas is located approximately 6 miles to the south of the property.
David Sonnenblick, a Principal of Sonnenblick-Eichner Company, commented, "This financing provided the ownership the ability to recapitalize their existing debt, as well as provide for prepayment flexibility to allow them to execute their business plan for the hotel over the next three to five years."
Elliot Eichner, also a principal of Sonnenblick-Eichner Company, added, "We were able to obtain multiple financing quotes demonstrating that there is liquidity in the capital markets for hotels with in-place cash flow."
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company (www.sonneich.com) is a Los Angeles-based real estate investment banking firm that specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing as well as joint venture equity transactions. The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types including retail, office, hospitality, industrial, and multifamily properties.