Vista Capital Company announced that it recently arranged and closed $24,000,000 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 Crowne Plaza hotel 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 performance of the asset. The 10-year, fixed-rate financing will be used to fund a significant renovation project to upgrade the hotel with a modern, clean, and chic aesthetic. The PIP will solidify the property's position in the market.
This is the second time Vista Capital has financed the asset in the last eleven years. "Despite volatile capital markets," Selbert added, "the borrower benefited from Vista's ability to structure simple long-term, fixed-rate financing that would often be funded via a complex and expensive floating-rate bridge loan. The financing will enable the ownership group to undertake a large improvement to the property at a very dynamic time in Indianapolis."