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November 30, 2017

Inn at the Market gets $35M infusion

Investment bank Sonnenblick-Eichner Co. of Beverly Hills announced that it has secured $35 million in first mortgage financing for the Inn at the Market.

The non-recourse, 10-year fixed-rate loan was obtained from a Wall Street investment bank (public records indicate Goldman Sachs), and begins with five years of interest-only payments, according to Sonnenblick-Eichner.

The firm's Elliot Eichner said in a statement, “The loan recapitalized our client's recent all-cash purchase of a controlling interest in the ownership entity. Given the location of the property adjacent to Pike Place Market, that Seattle is the fastest growing major city in the U.S., and a recent capital investment of approximately $126,000 per key, we were able to obtain 20 competitive financing quotes.”

The 76-room boutique hotel at 86 Pine St. was developed in 1985 by Robert Thurston and designed by Ibsen Nelsen.

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