|Southern California-based Venture West Funding, Inc. announced that it arranged an $8 million loan on Fireside Plaza, a 21,767 square foot upscale Santa Monica retail center. "This loan closed in December and helped us reach $630 million loan volume in 2001," said Venture West president Hal Rose.
GMAC Commercial Mortgage Corp. announced that it provided a $160,000,000 interim loan on a 686,172 square foot nine-building biotech/office complex near the Massachusetts Institute of Technology in Cambridge. Construction of One Kendall Square -- a predominantly laboratory/office space occupied by biotechnology tenants -- originally began in 1887.
Sonnenblick-Eichner Company said that it arranged first mortgage financing for The Anabelle Hotel, a 47-room full service boutique hotel, and the adjacent Safari Inn, a 55-room limited service hotel. The properties -- which both received renovations in the amount of $30,000 per room during the past 2 years -- are located in the Media District of Burbank, California. The non-recourse variable rate financing was provided by an undisclosed commercial bank. Commenting on the ability to finance hotels today, Elliot K. Eichner, the principal of Sonnenblick-Eichner, said "This transaction is significant for the hospitality industry as it proves that there is liquidity in the debt markets for hotel properties post September 11."