Vista Capital Company Closes $14,700,000 of Acquisition Financing for Beachfront Hotel in Outer Banks
SANTA MONICA, Calif., June 5, 2013 /PRNewswire/ -- Vista Capital Company announced that it recently arranged and closed $14,700,000 of financing for a select-service beachfront hotel located in North Carolina's Outer Banks. The financing was funded by an American affiliate of a European-based investment bank. This is the third beachfront hotel financing that Vista has closed within the year.
The loan was competitively quoted by several CMBS lenders, and was closed in an abbreviated time frame. The buyer of the hotel is planning a significant renovation, which will be completed primarily within the first year of the loan. The financing for the beachfront Hilton Hotels & Resorts branded asset is structured as long-term, fixed rate, and non-recourse. Equity for the transaction was funded by the buyer without a joint venture partner.
Vista placed the financing with pricing of approximately 4.5%. "The sponsor was able to fund their capital stack with very advantageous debt," said Zak Selbert, the founding principal at Vista Capital Company. Despite the erratic hotel capital markets, Selbert added, "Vista's enduring lender relationships in addition to strong market liquidity permitted this favorable financing to close quickly."
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