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Sonnenblick Handles $36-Mil Financing for WestCoast Hotels

SEATTLE, WA-"The time was right to refinance," a WestCoast vice president tells GlobeSt.com. "We wanted to change from the (previous) variable rate and lock in long-term financing to take advantage of the favorable interest rate environment.

By Janet Parker | Updated on August 19, 2001

SEATTLE, WA-The Los Angeles-based real estate investment banking firm of Sonnenblick-Eichner Co. has announced its arrangement of a $36.05-million long-term, fixed-rate first mortgage for Seattle’s WestCoast Grand Hotel on Fifth Avenue. The 297-room four-star property is owned by Spokane, WA-headquartered WestCoast Hospitality Corp.

One of WestCoast Hospitality Corp.’s brand of four-star Grands, the 297-room hotel’s history has a twist. The tower at 1415 Fifth Ave. began as the regional headquarters of US Bank. In 1995, Cavanaugh’s, the predecessor of WestCoast, purchased the property and remodeled it to the present-day form. In addition to the hotel, the property includes 13,900 sf of meeting and banquet facilities, two restaurants and 22,000 sf of class-A office space, with 8,264 sf of ground floor bank space.

West Coast vice president Stephen Barbieri tells GlobeSt.com that the Grand at Fifth Avenue had previously been financed through its credit facility, a syndicate of banks lead by US Bank. “The time was right to refinance,” says Barbieri, adding “We wanted to change from the (previous) variable rate and lock in long-term financing to take advantage of the favorable interest rate environment.”

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