$21M Funds New Plans for 110-Key Best Western

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CLEARWATER, FL-The 110-room Best Western Sea Wake Beach Resort has received $21.1 million in first mortgage financing. The financing was arranged by Santa Monica, CA-based Vista Capital Co. on behalf of the borrower, which is a locally based private investor.

Vista Capital Co. principal Zak Selbert tells GlobeSt.com that the borrower acquired the property in 2005 with the intention of tearing it down and constructing a $100-million high-rise condominium tower in its place. Although the project was nearly ready to break ground–a construction loan was in place and deposits for the units had been taken, the borrower decided not to move forward with it due to the softening of the condominium market.