Vista Arranges Financing for Best Western Sterling Inn
Located in Sterling Heights, Michigan
SANTA MONICA, CA, September 4, 2007. Vista Capital Company announced that it recently arranged $17,000,000 of first mortgage financing for the Best Western Sterling Inn located in Sterling Heights, Michigan. The Best Western Sterling Inn is a 246-room, full-service luxury hotel, offering approximately 16,750 square feet of meeting and banquet space, a 33,000-square-foot indoor water park, and award-winning dining. The hotel's 15,905-square-foot ballroom makes it the third largest hotel conference center in metropolitan Detroit. The hotel features metropolitan Detroit's only hotel indoor water park, a facility that contains a 30-foot slide, a lazy river, a vortex, whirlpools, steam rooms, and a children's splash area.
This is the second hotel financing arranged by Vista Capital in the metropolitan Detroit area in the past four months. Vista has been able to procure financing despite a negative perception of the metropolitan Detroit market.
Notwithstanding extreme debt market volatility, Vista was able to negotiate competitive pricing for the 10-year fixed rate loan and fund without any delay or reduction in proceeds. The loan was provided by an affiliate of a major US money center bank.
"The closing of this loan is particularly noteworthy because of the obstacles overcome by Vista Capital, which included the sensitivity of lending in the Detroit area and the fallout in the CMBS market," said Zak Selbert, a principal at Vista Capital Company. "The borrower will replace a floating rate facility and thereby reduce financing costs significantly," he added.
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