Beverly Hills, Calif. — Sonnenblick-Eichner Company has arranged $30.5 million of interim first mortgage financing for Little Palm Island Resort & Spa, a 30-suite, full-service, luxury resort in Little Torch Key, Florida.
The loan refinanced a recently matured fixed-rate loan and closed within 30 days of application. Mast Capital and RWN Management provided the financing.
The resort is located on an exclusive 4.12-acre private island in the Florida Keys that is accessible by private boat from Little Torch Key, located approximately three miles to the north. Amenities at the resort include a full-service, fine-dining, ocean-front restaurant, SpaTerre, a fitness center, a dive shop, and a swimming pool and adjacent Palapa Bar. Additionally, the resort has a marina with three separate docks that can accommodate yachts up to 120 feet in length. Little Palm Island has been consistently recognized as one of the top destination resorts in the world; Condé Nast Traveler and Reader’s Choice Awards recently ranked the resort as one of the “Top 10 Resorts in the U.S.” and “Best Resorts in the World for 2020.”
“Little Palm Island is a one-of-a-kind resort. We were able to generate multiple financing quotes given the property’s stellar performance in its ‘drive-to-leisure’ destination location, as well as the top-tier sponsorship. Mast Capital was able to deliver strong execution and close expeditiously,” commented Elliot Eichner, principal, Sonnenblick-Eichner Company.
“The amount of lender interest in the financing opportunity demonstrates the large degree of liquidity in the market today for well positioned assets,” added Patrick Brown, principal, Sonnenblick-Eichner Company.