The transaction involved the refinancing of the 341-key Marriott Monterey Hotel located at 350 Calle Principal in the Monterey market. The hotel is a full-service waterfront asset positioned directly across from the Monterey Conference Center. The loan is part of a financial arrangement amounting to $75 million.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $75,000,000
• Loan Terms: five-year, non-recourse, fixed-rate
• Keys: 341
• Brokers: Elliot Eichner & Patrick Brown - Sonnenblick-Eichner Company

The loan was arranged by principals Elliot Eichner and Patrick Brown from Sonnenblick-Eichner Company, who brokered the financing funded by a Wall Street investment bank at a rate below 6%. This arrangement reflects their expertise in securing non-recourse financing for significant hospitality assets.