Santa Monica, California – November 14, 2012 – Vista Capital Company announced that it recently arranged and closed $17,300,000 of financing for the Crowne Plaza Union Station located in the heart of downtown Indianapolis, within America’s first Union Station. The hotel 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. The full-service, upscale Crowne Plaza features 273 rooms, including 26 original Pullman Traincar sleeping rooms named and decorated after famous personalities from the early 1900s.
The financing was funded by an affiliate of a European-based investment bank. The loan was competitively bid by several lenders, who were drawn to the market, the strong sponsorship, and the historic nature of the asset. The 10-year, fixed-rate financing will be used to fund a large renovation project to redesign the hotel interior with a modern, clean, and chic aesthetic. The financing will also be used to retire the existing financing, while concurrently reducing debt service payments by approximately one-third.
Vista Capital was able to negotiate highly favorable, non-recourse, fixed-rate financing with pricing of approximately 5%. “Ownership was able accomplish a number of key goals in this transaction,” said Zak Selbert, the founding principal at Vista Capital Company. “Despite frequently-changing underwriting standards,” Selbert added, “the borrower benefited from Vista’s ability to structure long-term, fixed-rate financing that would typically be structured as a floating-rate bridge loan. The financing will save ownership millions of dollars.”
About Vista Capital Company
Vista Capital Company is a boutique, Los Angeles-based, real estate investment banking firm that specializes in arranging financing for commercial property nationwide. As a real estate capital intermediary, Vista procures tailored capital solutions for their clients through a comprehensive platform of services. Vista ensures that its clients are capable of seizing opportune advantage based upon accurate and smartly synthesized real-time intelligence of available capital.