Vista Capital Company, a Los Angeles-based real estate investment banking firm, closed $10 million in financing for the Candlewood Suites located in downtown Indianapolis’ medical district.
"Vista has now financed more than $250 million of hotels in Indiana over the last seven years," Zak Selbert, founding principal at Vista Capital, said in a statement.
Vista was able to negotiate nonrecourse, fixed-rate financing for the property. The 10-year capital will be used, in part, to fund a product improvement plan that will renovate the property.
The financing was awarded to a European-based investment bank after a bidding process that is central to Vista's capital-raising strategy.
The Candlewood Suites is a 142-room hotel that was converted from an apartment building in 2007. The property is located centrally in downtown Indianapolis’ medical district. The property offers living spaces designed for extended-stay visitors, and the property is set to benefit from a combination of an extensive renovation and ongoing development nearby.