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Sonnenblick-Eichner Co. Arranges $21M Mortgage For Cotton Court Hotel In Lubbock, TX

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FINANCED
$21,000,000

Texas

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Hotel
Financed 09/12/2023
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Property Image
FINANCED

Sonnenblick-Eichner Co. Arranges $21M Mortgage For Cotton Court Hotel In Lubbock, TX

1610 Broadway St, Lubbock, TX 79401, United States

See Similar Deals
Hotel
Financed 09/12/2023
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Summary

TEXAS
Asset Type:Hotel
Transaction Type:Loan

The Cotton Court hotel, located at 1610 Broadway in Lubbock, Texas, has secured a $21 million mortgage through a refinancing deal. The hotel, with a total of 165 keys, is owned by Valencia Hotel and managed by Doyle Graham Jr. This financing transaction was facilitated by Sonnenblick-Eichner Co., with Patrick Brown representing the firm as the broker. The loan was extended by Deutsche Bank and comes with favorable terms.

Summary of Transaction Details

  • Property Type: Hotel
  • Transaction Amount: $21,000,000
  • Location: 1610 Broadway, Lubbock, Texas
  • Market: Lubbock
  • Keys: 165
  • Lender: Deutsche Bank
  • Landlord: Valencia Hotel - Doyle Graham Jr.
  • Broker: Patrick Brown - Sonnenblick-Eichner Co.
  • Loan Type: Refinance
  • Loan Terms: Five-year loan, which requires only interest payments for its full term

Sonnenblick-Eichner Co. played a pivotal role in arranging the refinancing deal for the Cotton Court hotel. With Patrick Brown overseeing the transaction as the broker, a $21 million mortgage was obtained from Deutsche Bank. The loan's terms provide the advantage of interest-only payments for the entire five-year period. Notably, the loan required a buy-down payment to achieve a 7.6 percent coupon rate and will subsequently be securitized.

Players

Patrick Brown
11 deals$523.1M volume
BROKER

Deutsche Bank
LENDER

Details

FINANCED
IMAGE: Doyle Graham Jr. & Patrick Brown DATE: 09/12/2023 ADDRESS: 1610 Broadway - Cotton Court Hotel MARKET: Lubbock ASSET TYPE: Hotel ~ KEYS: 165 LENDER: Deutsche Bank (@deutschebank) LANDLORD: Valencia Hotel (@valenciahotelgroup) - Doyle Graham Jr. BROKER: Patrick Brown - Sonnenblick-Eichner Co. LOAN AMOUNT: $21,000,000 LOAN TYPE: Refinance LOAN TERMS: five-year loan, which requires only interest payments for its full term NOTE: Sonnenblick-Eichner Co. has arranged a $21 million mortgage for the Cotton Court hotel in Lubbock, Texas. The five-year loan, provided by Deutsche Bank, required a buy-down payment to achieve a 7.6 percent coupon rate and will be securitized.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$21,000,000.00

Monthly NOI$140,000.00
Monthly Debt Service$132,734.28
Change in Cash Flow$0.00
Refinance Proceeds$0.00