Sonnenblick-Eichner Co. has arranged $50 million of first mortgage leasehold financing for Valencia Hotel Collection, to refinance its Hotel Valencia Santana Row in San Jose, Calif. The non-recourse, fixed-rate, five-year loan is interest only for the term and priced at less than 7 percent. The loan was funded by an international money center commercial bank.
The 216-room, AAA-rated, Four Diamond Hotel offers 11,188 square feet of indoor/outdoor meeting and event space, a fitness center, rooftop pool and Jacuzzi and an open-air interior courtyard.
Hotel Valencia Santana Row is the only hotel within San Jose’s Santana Row, a 2.5 million square-foot mixed-use development that attracts approximately 13 million visitors annually. It also includes more than 50 High Street retail shops, 35 restaurants, 662 rental apartments, 219 residential condominiums and approximately 1.7 million square feet of class A office space.
“Reflecting the tremendous amount of liquidit
