Santa Monica, California �� Vista Capital Company announced
that it recently arranged $17,000,000 of first mortgage financing for the
Best Western Sterling Inn located in Sterling Heights, Michigan.
The Best Western Sterling Inn is a 246-room, full-service luxury hotel,
offering approximately 16,750 square feet of meeting and banquet space,
a 33,000-square-foot indoor water park, and award-winning dining.
The hotel�s 15,905-square-foot ballroom makes it the third largest hotel
conference center in metropolitan Detroit. The hotel features metropolitan
Detroit�s only hotel indoor water park, a facility that contains a 30-foot
slide, a lazy river, a vortex, whirlpools, steam rooms, and a children�s
splash area.
This is the second hotel financing arranged by Vista Capital in the
metropolitan Detroit area in the past four months. Vista has been
able to procure financing despite a negative perception of the metropolitan
Detroit market.
Notwithstanding extreme debt market volatility, Vista was able to negotiate
competitive pricing for the 10-year fixed rate loan and fund without any
delay or reduction in proceeds. The loan was provided by an affiliate
of a major US money center bank.
�The closing of this loan is particularly noteworthy because of the
obstacles overcome by Vista Capital, which included the sensitivity of
lending in the Detroit area and the fallout in the CMBS market,� said Zak
Selbert, a principal at Vista Capital Company. �The borrower will
replace a floating rate facility and thereby reduce financing costs significantly,�
he added.
About Vista Capital Company
Vista
Capital Company is a boutique, Los Angeles-based, real estate investment
banking firm that specializes in arranging financing for commercial property
nationwide. As a real estate capital intermediary, Vista procures
tailored capital solutions for their clients through a comprehensive platform
of services. Vista works on projects large and small, placing value
on the creation of enduring client and lender relationships. |