Vista Arranges $13.5mil in Financing for Homewood Suites Troy, MI
SANTA MONICA, CA, May 3, 2007. Vista Capital Company announced that it recently arranged $13,500,000 of first mortgage financing for the Homewood Suites located in Troy, Michigan. Opened in 2002, the Homewood Suites is a 150-room, 4-floor, all suite hotel offering an indoor heated pool, a fitness center, and an executive business center with approximately 1,200 square feet of meeting space.
Vista Capital Company was able to negotiate pricing for the 10-year fixed rate loan in the low 100 basis point range over the 10-year treasury. The loan was interest-only for 10-years and was provided by an affiliate of a Wall Street investment bank. Despite a negative perception of the metropolitan Detroit market, the loan was competitively bid by several lenders, who were attracted to the stable cash flow and strong brand affiliation of the asset.
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