Vista Capital Arranges Mortgage for Best Western Sea Wake Beach Resort
Clearwater Beach, Florida
SANTA MONICA, CA, November 14, 2007. Vista Capital Company announced that it arranged $21,100,000 of first mortgage financing for the Best Western Sea Wake Beach Resort located in Clearwater Beach, Florida. The 110-room resort is an upscale, six-story, full-service hotel nestled on 500 feet of private and pristine white sand beach. The hotel offers indoor and outdoor beachfront dining and meeting space and an outdoor beachfront pool.
Undeterred by turbulent debt markets, Vista negotiated for the 10-year, fixed-rate loan from an affiliate of a Wall Street investment bank. The loan features interest-only payments for the first two years and replaces a full recourse, floating-rate mortgage. The financing provides the borrower with the flexibility to convert the hotel brand or build additional rooms while offering the benefits of long-term, fixed-rate financing.
"We were able to structure and fund this transaction despite exigent challenges, including the difficulty in obtaining hurricane insurance on the coast in Florida, the CMBS market standstill, and new underwriting guidelines," said Zak Selbert, a Principal at Vista Capital Company.
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