Wednesday July 23rd, 2014 - 10:08AM
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.”