(Read more on the debt and equitymarkets.)
CLEARWATER, FL-The 110-room Best Western Sea Wake Beach Resorthas received $21.1 million in first mortgage financing. Thefinancing was arranged by Santa Monica, CA-based Vista Capital Co.on behalf of the borrower, which is a locally based privateinvestor.
Vista Capital Co. principal Zak Selbert tells GlobeSt.com thatthe borrower acquired the property in 2005 with the intention oftearing it down and constructing a $100-million high-risecondominium tower in its place. Although the project was nearlyready to break ground--a construction loan was in place anddeposits for the units had been taken, the borrower decided not tomove forward with it due to the softening of the condominiummarket.
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