| Santa Monica, California �� November 14, 2007 - Vista Capital
Company announced that it arranged $21,100,000 of first mortgage financing
for the Best Western Sea Wake Beach Resort located in Clearwater Beach,
Florida. The 110-room resort is an upscale, six-story, full-service
hotel nestled on 500 feet of private and pristine white sand beach.
The hotel offers indoor and outdoor beachfront dining and meeting space
and an outdoor beachfront pool.
Undeterred by turbulent debt markets, Vista negotiated for the 10-year, fixed-rate loan from an affiliate of a Wall Street investment bank. The loan features interest-only payments for the first two years and replaces a full recourse, floating-rate mortgage. The financing provides the borrower with the flexibility to convert the hotel brand or build additional rooms while offering the benefits of long-term, fixed-rate financing. �We were able to structure and fund this transaction despite exigent challenges, including the difficulty in obtaining hurricane insurance on the coast in Florida, the CMBS market standstill, and new underwriting guidelines,� said Zak Selbert, a Principal at 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. |
