Sonnenblick-Eichner Company Arranges $19,500,000 of First Mortgage Financing for Texican Court, Irving, Texas
Retrieved on:
Tuesday, April 2, 2024
LOS ANGELES, April 02, 2024 (GLOBE NEWSWIRE) -- Sonnenblick-Eichner Company on behalf of Valencia Hotel Group, has arranged $19.5 million of first mortgage debt to refinance the Texican Court hotel in Irving, Texas.
Key Points:
- LOS ANGELES, April 02, 2024 (GLOBE NEWSWIRE) -- Sonnenblick-Eichner Company on behalf of Valencia Hotel Group, has arranged $19.5 million of first mortgage debt to refinance the Texican Court hotel in Irving, Texas.
- The non-recourse five-year, fixed-rate loan was funded by a Wall Street investment bank.
- Built in 2019, the 152-room upscale boutique hotel features a retro-aesthetic design of the mid-century motor court with elements inspired by “Old Texas” architecture.
- “We had 18 financing quotes on this transaction and we successfully closed this financing at a debt yield of less than 12 percent,” added Patrick Brown, also a Principal of Sonnenblick-Eichner Company.