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.

Virtual Event

Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.


“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.