Elliot Eichner, principal of Sonnenblick-Eichner, reports that the loan was priced at sub-300 basis points over LIBOR and will be used for renovation and stabilization of the property. According to Patrick Brown, also a Sonnenblick-Eichner principal, the high loan to cost ratio and the non-recourse nature of the financing are "further evidence that the hotel segment is back in favor among capital markets investors." The financing was provided by an international money center bank.
The Chamberlain is situated between the Sunset Strip and Santa Monica Boulevard, a few blocks from the Pacific Design Center, Cedars Sinai Medical Center and Restaurant Row on La Cienega Boulevard. It is being redeveloped by an affiliate of Kor, which is known for its boutique hotel collection, including the Viceroy Santa Monica, Viceroy Palm Springs & Estrella Spa, Avalon Hotel and Maison 140 in Beverly Hills.
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