Natixis provides $65m on Marriott Monterey Hotel

Natixis is the lender behind a $65 Million of first mortgage financing to San Carlos Associates for the refinancing Marriott Monterey Hotel in Monterey, California, Real Estate Capital has learned.

Natixis is the lender behind a $65 Million of first mortgage financing to San Carlos Associates for the refinancing Marriott Monterey Hotel in Monterey, California, Real Estate Capital has learned.

The 10-year, fixed-rate financing was was underwritten at a debt yield below 10 percent and replaced the maturing debt from 2006, according to Sonnenblick-Eichner Company, which arranged the deal.

imgresSonnenblick-Eichner Company principal Elliot Eichner noted that the widening spreads caused his firm to look at alternatives to the long-term CMBS financing.

“We were able to rely on our relationships with other domestic and offshore lending sources, and through our marketing efforts were able to attract numerous loan offers from insurance companies, money center and investment banks,” he said.

In the end, Natixis, which has completed a handful of deals across the US in recent months, won out. In March, the lender provided $101 million in financing on a 21-floor commercial condominium at 17 Battery Place in the Financial District of Lower Manhattan; and a $49.4 million loan to Advance Realty for the acquisition of a four-building retail portfolio in Paramus, New Jersey.

Back in October, it provided another loan in New Jersey: a $36.65m, 10-year, fixed-rate CMBS loan to refinance Mendham Village Shopping Center and Del’s Village Shopping Center in Mendham and Boonton, New Jersey.

The firm has also been active in Europe, underwriting a term loan and revolving bridge facility totaling €154 million for CBRE Global Investors’ European Industrial Fund (EIF) last month; as well as jointly underwriting a €150 million loan on Morgan Stanley’s ‘Great Beauty’ portfolio of three office buildings in Rome.

The 10-story, 341-room Marriott Monterey Hotel is a AAA-rated, Four Diamond hotel adjacent to the Monterey Conference Center in the downtown Monterey’s  retail district. It includes approximately 16,500 sq ft of meeting space, a spa, two restaurants and subterranean parking for 142 cars. Wright Hotels and Frank K. Finneran & Co. are principals at the hotel.

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