OCEAN CITY, MD—The 210-key Holiday Inn Hotel & Suites here has secured a $47 million refinancing from a US affiliate of a European-based investment bank, according to Los Angeles-based Vista Capital Co., which arranged the deal.
Vista, which is carving out a presence in this beach town having closed now three deals, reports that it negotiated an "exceptionally favorable" non-recourse, fixed-rate loan with the lender at below 5%.
The existing loan was made in 2007, says Zak Selbert, the founding principal at Vista Capital, in a prepared statement and the underwriting differences between now and then, he says, were not surprisingly huge. Vista was able to maximize the existing leverage to get the new deal in place, he added.
This is also Vista's fourth oceanfront hotel closing in the last two years.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
