Aries/Conlon Capital secures $7.25M CMBS loan for a Four Points in Indiana

Four Points by Sheraton West Lafayette, Indiana

Aries/Conlon Capital has arranged a 10-year, fixed-rate commercial-mortgage-backed securities permanent loan in the amount of $7.25 million on behalf of Pandey Hotel Corporation to refinance the Four Points by Sheraton located at 600 Cumberland Avenue in West Lafayette, Ind., according to a news release. The loan features a high loan-to-value and a 25-year amortization. Aries/Conlon Capital CEO Rushi Shah originated the deal.

Less than a mile from Purdue University and adjacent to Purdue Research Park, the borrower purchased the 171-room hotel at a lower than market cost-basis. Pandey brought Aries/Conlon Capital in to secure financing for the loan and to ensure the property did not lose its franchise flag. Aries/Conlon Capital arranged a significantly above-cost basis debt transaction, structured to partially fund a property improvement plan at closing. By establishing a property improvement plan reserve, the borrower was able to satisfy its franchise flag obligations.

Pandey Hotel Corporation, formed in 2012, owns numerous lodging assets throughout the United States.

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“Having closed numerous loans and refinancing deals on behalf of investors throughout my career, I was impressed with Aries/Conlon’s ability to navigate the challenges while securing us an advantageous deal,” John Searby, Pandey's CFO, said in a statement.