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.