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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN ARRANGES $46 MILLION FOR THE BRIDGEWORKS MIXED-USE PROJECT/HILTON SAN DIEGO GASLAMP QUARTER HOTEL |
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Tuesday, January 20, 2004
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San Diego, CA
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Sonnenblick-Goldman Company has arranged a $46 million floating-rate, first mortgage for The Bridgeworks Mixed-Use Project, which includes the Hilton San Diego Gaslamp Quarter Hotel in San Diego. Sonnenblick-Goldman represented the borrower, S.D. Bridgeworks, LLC, and structured a loan with a domestic commercial bank.
The award-winning mixed-use project features the 282-room Hilton San Diego Gaslamp Quarter, which was completed in 2000; a 23,000-square-foot retail component; and an underground parking facility.
Commenting on the transaction, Sonnenblick-Goldman managing director and principal Mark Gordon states, "The combination of the high quality of this asset, its mixed-use nature, the impeccable reputation of the borrower and the asset’s irreplaceable location all contributed to an unprecedented level of interest from the financial community to provide this loan."
"By analyzing the hotel, retail, and parking components individually, lenders were able to fully value the asset. This enabled us to structure the most favorable transaction possible for our client," notes Mr. Gordon.
Sonnenblick-Goldman associate director Lorena Heredia adds, "San Diego is currently one of the most dynamic markets in the United States. With more than $1 billion in development projects within a five block radius of The Bridgeworks Mixed-Use Project, and the San Diego Convention Center at its doorstep, this asset is strategically positioned to capture more than its fair share of lodging, retail, and parking demand."
The hotel is an upscale, corporate transient and group facility featuring the luxurious Enclave section with 30 loft-style rooms and more than 17,000 square feet of interior and exterior function space. Some of the hotel’s amenities include the New Leaf Restaurant and Bar, Lou & Mickey’s Restaurant and Cocktail Lounge, a heated outdoor swimming pool, the Artesia Day Spa, and several boutique retail stores.
The Hilton San Diego Gaslamp Quarter is a leading hotel in the marketplace and is strategically located in the trendy and expanding Gaslamp Quarter. The hotel is located directly across from the 1.7-million-square-foot San Diego Convention Center, the new San Diego Padres (Petco Park) Stadium, and the Gaslamp Quarter National Historic District and is near several major corporate, leisure and group demand generators. In addition, continuing development projects in the greater San Diego marketplace, including nearly $3 billion in planned and approved construction projects, continue to support growth in the area.
Sonnenblick-Goldman’s transaction team for the assignment included Mark J. Gordon, managing director and principal; Lorena Heredia, associate director; and Mark K. Owens, senior associate.
S.D. Bridgeworks, LLC is a partnership between S.D. Malkin Properties, an experienced mixed-use developer, and Interstate Hotels and Resorts (NYSE: IHR), the nation’s largest independent hotel operator.
S.D. Malkin Properties is a private company that specializes in property development, including urban mixed-use projects in the United States and, through an affiliated company, Value Retail PLC, up-market factory outlet centers in Europe. The company has offices in Greenwich, CT and San Diego, CA. Value Retail PLC is based in London, England and has offices throughout Europe.
Interstate is the nation’s largest independent hotel operator. Interstate manages over 390 hotels worldwide totaling in excess of 83,000 rooms. Interstate has three business units, hotel management, BridgeStreet Corporate Housing Worldwide, and real estate. The company is located in Arlington, Virginia and has approximately 32,000 employees. |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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