Sonnenblick-Goldman completes $90m in hotel and mall deals.Sonnenblick-Goldman Company has arranged a $33.5 million fixed-rate, first mortgage for the Scottsdale Marriott at McDowell Mountains The McDowell Mountain Range is located about twenty miles north-east of Phoenix, Arizona, and may be seen from most places throughout the city. The range is composed of miocene deposits left nearly five million years ago. in Scottsdale, AZ, on behalf of Walton Street Walton Street is a street in central Oxford, England, located in the heart of the area known as Jericho. The street runs north from the western end of Beaumont Street where the main entrance of Worcester College is located. Capital. A domestic investment bank provided the loan. The 270-key, all-suite Scottsdale Marriott was developed in 1999 in an above "brand-standard" fashion and features upscale food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. outlets, a variety of flexible meeting rooms, and a range of amenities. Commenting on the transaction, Sonnenblick-Goldman managing director and principal, Mark Gordon Mark Gordon (born 10 October, 1956) is an American producer. He is originally from Newport News, Virginia. He has worked on numerous projects as both producer and executive producer including Speed, The Jackal, and Saving Private Ryan. , states, "The transaction received a significant amount of interest from the international lending community, which is reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of the capital markets' continued strong interest in the lodging industry. The high level of lender interest created a very competitive marketing process, which enabled us to structure an extremely attractive transaction for the borrower. "In addition, the high quality of the asset, along with the exceptional reputation of the borrower, Walton Street Capital, and the enhanced performance of the hotel, which is attributable to the asset management abilities of SCS Advisors, all contributed to the desirability of the offering." The firm has also arranged a series of debt and equity transactions for Eastfield Mall, a 780,000-square-foot regional mall in Springfield, Mass. that is owned and managed by affiliates of Mountain Development Corporation. In the initial transaction, Sonnenblick-Goldman arranged a $28.7 million bridge loan from a public REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). that was used to buy out an institutional partner and pay off a loan on the property. Upon the completion of this transaction, Sonnenblick-Goldman arranged a $24.5 million floating-rate first mortgage with an overseas financial institution and a $4.2 million preferred-equity investment with the REIT. |
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