QUAPAW — CIT Group Inc., a provider of financing to small businesses and middle-market companies, has arranged $41.6 million in credit for development of a 150-room hotel tower for Downstream Casino Resort, operated by a subsidiary of the Quapaw Tribe.
CIT Group said it set up two senior secured credit facilities for Downstream Development Authority. The credit also includes refinancing of a loan for existing furniture, fixtures and equipment. Terms of the transaction were not disclosed.
“CIT's deep industry knowledge and experience was an important factor in our decision to choose CIT as lead arranger in these financings, which will offer us a great opportunity to enhance the environment for our casino and attract new customers,” said John Berrey, chairman of the Quapaw Tribe and chairman of Downstream Development Authority.
The financing was provided by CIT Bank, a wholly owned subsidiary of CIT. CIT Communications, Media & Entertainment was sole lead arranger and lead administrative agent on both financing.