Quapaw's Downstream Development Authority Gets $41.6M in Financing from CIT
The Downstream Development Authority, a subsidiary of the Quapaw Tribe of Oklahoma, has received two senior-secured credit facilities totaling $41.6 million from CIT Bank to help develop a new 150-room hotel tower for the Casino Resort on the tribe's reservation in Quapaw, Oklahoma. The financing will also refinance an existing furniture, fixtures and equipment credit facility, states a Downstreampress release.
CIT Bank is a subsidiary of the CIT Group, which provides financing to small businesses and middle market companies. Terms of the transaction were not disclosed.
The Quapaw Tribe also operates Quapaw Casino in Miami, Oklahoma.
"CIT has provided financing to the Native American and commercial gaming sectors for nearly 20 years," Steve Epperly, CIT's senior director of gaming finance and advisory, said in a statement. "This transaction underscores our continued commitment to the Native American community. John Berrey, Chairman of the Quapaw Tribe and Chairman of the Downstream Development Authority, has been critical in developing the strong relationship between the Tribe and the investment community. Downstream continues to perform well in tough market conditions, and we look forward to growing our relationship."
Chairman Berrey added, "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."