INDIANAPOLIS-Vista Capital Co. arranged and closed a $17.3 million loan for the owner of the 273-room Crowne Plaza Union Station. The 10-year, fixed-rate loan will fund a large renovation project focused on the hotel’s interiors.
The funding, which was arranged by Vista Capital Co. through a European investment bank, will also retire existing financing, which will help reduce debt service payments on the property by approximately one-third. The hotel at 123 W. Louisiana St. is managed by InterContinental Hotels Group and is listed in the National Register of Historic Places. The property is adjacent to the Indiana Convention Center and is connected via over-air walkway to Lucas Oil Stadium.
According to a press release detailing the transaction, the loan was competitively bid by several lenders, which were drawn to the market, the strong sponsorship, and historic nature of the asset. As such, Vista Capital negotiated non-recourse, fixed-rate financing with pricing of approximately 5%. “Ownership was able to accomplish a number of key goals in this transaction,” said Zak Selbert, the founding principal at Vista Capital Co. in the press release. “The financing will save ownership millions of dollars.”
COUNTRY CLUB HILLS
- A Midwest based private partnership sold a 4,342-square-foot building at South Pulaski Road and West 167th Street to a Colorado-based private buyer involved in a 1031 exchange. The sales price was $2.3 million. Chase is the sole occupant of the facility. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller.
- Alford-Clarke Post #852 Veterans of Foreign Wars sold 12