SANTA MONICA, Calif. -- (05.03.07) Vista Capital Co. announced 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 Co. 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.
Vista Capital Co.