Vista Capital Company Closes $7,700,000 of Financing for the Staybridge Suites in Indianapolis, Indiana
SANTA MONICA, Calif., March 19, 2013 /PRNewswire/ -- Vista Capital Company announced that it has arranged and closed $7,700,000 of financing for the Staybridge Suites located near the heart of downtown Indianapolis, in Fishers, Indiana. This is the second hotel financing Vista has closed in metropolitan Indianapolis within the last four months.
Situated in the beautiful suburbs of Indianapolis, the Staybridge Suites is a 146-room, 5-story, upscale, extended-stay, InterContinental-branded hotel, offering a variety of amenities. Built in 2000 by the current owner, the asset continually outperforms its competitors.
The financing was provided by a European-based structured finance group. The CMBS loan was bid by several conduit lenders, who were drawn to the market and the strong performance of the asset. The 10-year, fixed-rate financing will be used to fund a PIP in 2015. The financing will also retire the existing loan, while concurrently reducing debt service payments and providing ownership with an equity recapitalization.
Vista Capital was able to negotiate highly favorable, non-recourse, fixed-rate financing with pricing of approximately 4.5%. "Ownership was able to accomplish a number of difficult objectives via this transaction," said Zak Selbert, the founding principal at Vista Capital Company. "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."
About Vista Capital Company
Vista Capital Company is a boutique, Los Angeles-based real estate investment banking firm that specializes in sourcing 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 advantages based upon accurate and smartly synthesized real-time intelligence of available capital.
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SOURCE Vista Capital Company