Vista Capital Arranges First Mortgage for Best Western Ocala
SANTA MONICA, CA, July 3, 2007. Vista Capital Company announced today that it arranged first mortgage financing for the Best Western Ocala Park Centre located in Ocala, Florida. The Best Western is an upscale, 138-room, 4-floor, limited service hotel offering an outdoor heated pool, Jacuzzi, complimentary breakfast room, and meeting space for 15 guests.
Despite instability in the real estate capital markets, Vista Capital was able to negotiate pricing for the 10-year fixed rate loan of 100 basis points over the 10-year Treasury. The loan was provided by an affiliate of a Wall Street investment bank and replaced financing that was assumed by the owner in 2004. The loan enabled the borrower to re-capitalize equity, which was created via increased cash flow since the owner purchased the property in 2004.
"In addition to pulling out a significant amount of capital, the new financing will allow the borrower to decrease annual financing costs," said Zak Selbert, a Principal at Vista Capital Company.
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