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Press Release: Sonnenblick-Eichner Company
December 15, 2004
ANGUILLA, BRITISH WEST INDIES -- Los Angeles, California-based Sonnenblick-Eichner Company has arranged land acquisition
and joint venture equity financing for the proposed Viceroy Anguilla Resort & Residences, located on the island
of Anguilla in the British West Indies. The owner-developer is The Kor Group, an owner-operator of boutique hotels
and other institutional-grade commercial properties, and Lubert-Adler Management, Inc., a multi-billion real estate
investment fund.
Sonnenblick-Eichner Company arranged acquisition and joint venture equity financing for the development group from
an institutional investor. Proceeds from the financing will be utilized to complete the land purchase and provide
equity for a proposed $130 million development of a world-class destination resort. The property is located on
a 27-acre land assemblage on a bluff overlooking the Caribbean Sea stretching from Mead's Bay to Barnes Bay, a
unique location on the west end of the island of Anguilla. Upon completion, the Viceroy Anguilla Resort & Residences
will offer 50 five-star boutique hotel rooms and 52 ocean-front villas and condominiums.
"Financing off-shore real estate transactions is far more complex than continental U.S. real estate transactions,
since property ownership laws vary and only select institutions have a mandate to lend in the Caribbean,"
explained Elliot Eichner, a principal of Sonnenblick-Eichner Company. In addition, the transaction was unique because
"we were able to arrange a loan from an institutional lender who also has the option to convert to an equity
position within the ownership, which will help secure construction financing."
The island of Anguilla is one of the most exclusive resort destinations in the world and is globally recognized
for its pristine beauty and white sand beaches.
Sonnenblick-Eichner Company is currently engaged to arrange construction financing for the project, which is scheduled
to start construction next spring.
About Sonnenblick-Eichner Company
Sonnenblick-Eichner Company, based in Los Angeles, specializes in arranging structured finance for acquisition,
construction and permanent loans, interim and mezzanine financing as well as joint-venture equity transactions.
The company is recognized for its expertise in marketing institutional real estate for sale and providing capital
for all product types including retail, office, hospitality, industrial and multifamily. Since its inception in
2000, Sonnenblick-Eichner Company has completed transactions valued in excess of $2.5 billion.
1901 Avenue of the Stars
Suite 1750
Los Angeles, CA 90067
Tel 310 286 7700
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Contact:
Media Contact:
Nadene Bristow
310-258-9711
nbristow@naturalmarketing.com
Source: Sonnenblick-Eichner Company