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May 16, 2019

New Palihotel gets $21M in refinancing

Palihotel is a 96-room boutique hotel that recently opened at 107 Pine St. by Pike Place Market.

Palihotel, the recently opened 96-room boutique hotel at 107 Pine St. by Pike Place Market, has been refinanced to the tune of $21 million. Sonnenblick-Eichner Co. of Los Angeles secured the five-year, non-recourse interim loan and announced the deal. Principal Elliot Eichner said in a statement, “We were successful in securing multiple competitive financing quotes despite the fact that the hotel had recently opened and is in ramp-up. In addition to the complexities inherent in leasehold financing, the transaction included Historic Tax Credits, which we had to structure around.” The renovated 1895 building is ground-leased from the nonprofit Samis Foundation. The hotel is owned and operated by Lighthouse Investments LLC and KCB Management, also of Los Angeles. It opened last November. Gensler was the architect, and JTM Construction was the general contractor.

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