BEVERLY HILLS, Calif., June 14, 2022 (GLOBE NEWSWIRE) — Sonnenblick-Eichner Company today announced that it was the exclusive advisor to the Borrower for the placement of $35 million in first mortgage bridge financing for the leasehold interest in the Moxy Oakland Downtown, a 172-room hotel located in the Uptown arts and entertainment district of Oakland, California.
The hotel opened in March 2021. The proceeds of this non-recourse financing were used to repay the construction loan and provide new capital to move the hotel towards stabilization. The property was developed by Tidewater Capital and Graves Hospitality and is managed by Graves Hospitality. Graves and Tidewater own the property in partnership with EJF Capital.
Hotel amenities include a lobby bar, lounge, outdoor terrace, full-service restaurant, and a state-of-the-art 24-hour fitness center. The property is located in Oakland’s arts and entertainment district, which has become a vibrant center of creativity, fashion and nightlife and offers a growing number of local and international designer boutiques, fashion boutiques, restaurants, cafes and hotels. Moxy Hotels (www.MoxyHotels.com) is Marriott International’s millennial-focused lifestyle brand.
Elliot Eichner, Director of Sonnenblick-Eichner Company, said, “Despite the hotel’s limited operating history, we were able to attract institutional capital to refinance the hotel.
Patrick Brown, also director of Sonnenblick-Eichner Company, added: “We have successfully financed many hotels through construction loans and we were delighted to see that this loan was also offered. competitive.
Sonnenblick-Eichner Society (www.sonneich.com) is a Beverly Hills-based real estate investment bank that specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing, and 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 hotel, commercial, office, industrial and multi-family properties.
About Graves Hospitality
Graves Hospitality (GH) turns ideas into action and real estate into business. GH offers a full range of development and management services ideally suited to meet the unique needs of independent and branded hotels, resorts and restaurants, as well as residential and commercial projects. The company’s development skills and management services, including sales, marketing, distribution, human resources and accounting, are honed by more than 40 years of continuous success. Consistently recognized as an industry leader, GH has developed and managed over 100 hotels and restaurants, as well as residential and commercial developments. To learn more about Graves Hospitality, visit www.graveshospitality.com.
About Tidewater Capital
Tidewater Capital invests in and develops real estate in the Bay Area for the collective prosperity of their partners and the communities in which they work. Through a value-driven investment philosophy and genuine commitment, they create spaces that foster long-term positive impact while creating value for all of their stakeholders.
They are investors and operators with geographic focus and expertise in all product types, including office, residential, retail, hospitality and industrial. Their focus on assets benefits from empowerment, development, renovation, repositioning and/or improved management. They monitor market cycles to identify and execute attractive investment opportunities for their range of partners, including university endowments, foundations and family offices.
Source: Sonnenblick-Eichner Society
Media Contact: Bruce Beck
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