Vista Capital Closes $9.7M of Financing for Two Indiana Properties
Wednesday July 23rd, 2014 - 10:08AM Z
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
SANTA MONICA, CA—Vista Capital Company has recently arranged and closed $9.7 million of financing for two hotels in Indiana, the 117-room Suburban Extended Stay Hotel in South Bend, IN, and the 100-room Best Western Plus in Portage, IN.
The financings were provided by a U.S. affiliate of a European-based investment bank. The closings mark Vista Capital Company’s third and fourth financing in Indiana over the past two years.
Vista was able to negotiate non-recourse, fixed-rate financing on a non-crossed basis.
Zak Selbert, founding principal at Vista, stated, “The sponsor was able to refinance existing high-priced recourse debt with clean, low-priced financing. The borrower benefited from Vista’s ability to structure two long-term loans on recently developed assets.”
Tags: Vista Capital Company • Suburban Extended Stay Hotel in South Bend • Best Western Plus in Portage • Indiana • Hospitality • Investment Funds •
As we begin 2015, and what is expected to be a healthy year for the hotel industry with expansion, progress and innovation as key catalysts for growth, Hotel Business is right on board with that momentum, bringing you, with this issue, our own updated product.