Arranged by Los Angeles based Sonnenblick-Eichner Co., the 10-year fixed rate loans were priced between 100 and 150 basis points over the 10-year treasury, with a 30-year amortization. Elliot Eichner tells GlobeSt.com the transaction required defeasance of the previous loan on the properties, which dates to 1998 and has a couple of years remaining, but the cost was more than offset by the difference in interest rates and the company was able to get more leverage (75% LTV) given the favorable environment.

The Paramount Seattle Hotel is a 146-room full-service hotel (AAA 3-Diamond rating). It is located at the north end of the Downtown core, adjacent to the retail and theater districts and the Washington State Convention and Trade Center. The Benson Hotel is a 287-room full-service luxury hotel (AAA 4-Diamond rated) located at the north end of Portland's Downtown core. The historic landmark has two restaurants and 13,500 sf of meeting space.

In November, Paramount Group refinanced three other properties in its portfolio with a $27.5-million loan also arranged by Sonnenblick-Eichner Co. The properties were the Roosevelt and the Coast Gateway hotel located in Seattle, and the Coast Wenatchee Center Hotel in Wenatchee. The three properties contain a total of 443 guest rooms. The cross-collateralized 10-year loan has a 30-year amortization schedule and a fixed interest rate in the mid 5% range.