MALIBU, Calif., Oct. 13, 2016 /PRNewswire/ -- Vista Capital Company announced that it closed $16,000,000 of financing for the Homewood Suites located in Troy, Michigan. "Vista has financed this hotel twice in the last nine years, adding it to the list of CMBS loans refinanced by Vista maturing from the 2006-2007 originations wave," said Zak Selbert, founding principal at Vista Capital.
Vista was able to negotiate highly favorable, non-recourse, fixed-rate financing with pricing below 5%. The 10-year capital will be used, in part, to fund renovations over the next five years. The financing was awarded to a European-based investment bank.
Opened in 2002, the Homewood Suites is a 150-room, 4-floor, all-suite hotel offering an indoor heated pool, a fitness center, an executive business center, and approximately 1,200 square feet of meeting space. Despite initial negative perceptions of the Michigan market, demand generators are diverse and strong in suburban Detroit, as evidenced by a spate of new hotels entering the market.
About Vista Capital Company
Vista Capital Company is a Los Angeles-based, real estate investment banking firm that specializes in arranging financing for commercial property nationwide. As a real estate capital intermediary, Vista procures tailored capital solutions for their clients through a comprehensive platform of services. Vista ensures that its clients are capable of seizing opportune advantage based upon accurate and smartly synthesized real-time intelligence of available capital.
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SOURCE Vista Capital Company