Vista Capital Company announced that it recently arranged and closed $9,700,000 of financing for the Suburban Extended Stay Hotel in South Bend, Indiana and the Best Western Plus in Portage, Indiana. The financings were provided by a US affiliate of a European-based investment bank. The closings represent Vista’s third and fourth financing in Indiana over the last two years, affirming their expertise in capitalizing hotels of all sizes in all locations.
Vista Capital was able to negotiate exceptionally favorable, non-recourse, fixed-rate financing on a non-crossed basis. “The sponsor was able to refinance existing high-priced recourse debt with clean, low-priced financing,” said Zak Selbert, the founding principal at Vista Capital Company. Despite the relatively small loan sizes and tertiary markets, Selbert added, “The borrower benefited from Vista’s ability to structure two long-term loans on recently developed assets.”
The two hotels generate room night demand from diverse sources, including the University of Notre Dame and logistics-related travel near Chicago. The Best Western Plus in Portage features 100 rooms while the Suburban Extended Stay Hotel features 117 rooms. Both hotels offer a desirable array of amenities.