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Brokerage
Posted: April 22, 2013
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."
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