Vista Capital Co. handles $7.7 million in financing for 5-story Staybridge Suites

Vista Capital Co. arranged $7.7 million in financing for the Staybridge Suites located downtown. The Staybridge Suites are a 5-story, 146-room, InterContinental-branded hotel. The financing was provided by a European-based structured finance group. The CMBS loan was bid by several conduit lenders. The 10-year, fixed-rate financing will be used to fund a PIP in 2015. "Ownership was able to accomplish a number of difficult objectives via this transaction," said Zak Selbert, the founding principal at Vista Capital Co. "Despite the fact that many lenders are over-allocated in hospitality paper," Selbert added, "the borrower benefited from Vista's ability to structure long-term, fixed-rate hospitality financing that will guarantee a smooth renovation in 2015. The financing will also decrease the owner's cost of capital."

Tags: Brokerage

Reprint

Previous Story Next Story

AmTrustRE completes $211m acquisition of 260 Madison Ave.

Manhattan, NY AmTrustRE has completed the $211 million acquisition of 260 Madison Ave., a 22-story, 570,000 s/f office building. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring

Area 15 welcomes new tenant openings, signs more experiences coming

SABRE coordinates sale of six properties totaling 199,845 s/f

Polsinelli and Curcio of Compass arrange 22,000 s/f Urban Umbrella lease

Project REAP honored by ICSC for leadership and impact in Commercial Real Estate

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Spotlight Content

Developing Westchester: Authentic Window Design: Leading the Tri-State Into a New Era of Window and Door Innovation

Columns and Thought Leadership

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent

Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account

Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,