Posted 3/19/2013 - 10:06:25 AM
FISHERS, IN—Vista Capital Co. arranged and closed $7.7 million of financing for the Staybridge Suites located here, near downtown Indianapolis.
This is the second hotel financing Vista has closed in metropolitan Indianapolis within the last four months.
The Staybridge Suites is a 146-room, five-story extended-stay hotel built in 2000.
The financing was provided by a European-based structured finance group. The 10-year, fixed-rate financing will be used to fund a PIP in 2015. The financing also will retire the existing loan, while concurrently reducing debt-service payments and providing ownership with an equity recapitalization.
Vista Capital was able to negotiate non-recourse, fixed-rate financing with pricing of approximately 4.5%.