News for the Hospitality Executive
Vista Capital Company Arranges $17,000,000 of First Mortgage Financing
for the Best Western Sterling Inn Located in Sterling Heights, Michigan
|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
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.
|Also See:||Vista Capital Company Arranges First Mortgage Financing for the Best Western Ocala Park Centre in Ocala, Florida / July 2007|
|Vista Capital Company Arranges $13.5 Million of First Mortgage Financing for the Homewood Suites in Troy, Michigan / May 2007|
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