ValueXpress Closes the Refinancing of a 58-Room Limited-Service Hotel in Ithaca, NY Using the USDA B&I Program

ValueXpress closed on a $3.6 million USDA loan note guarantee (80% of the loan amount) to support a $4.5 million refinancing of a 58-room limited-service hotel located in Ithaca, NY. The loan refinanced a first mortgage held by Ares Capital and a second mortgage held by the bankrupt estate of Business Loan Center/Ciena Capital that in combination was utilized to construct a Country Inn & Suites hotel. The property is a two-story, 58-room (53 suites and 5 rooms) limited-service hotel (plus one apartment) completed in 2008 and situated on a 2.74± acre site in Ithaca, Tompkins County, NY operated under a Country Inn & Suites franchise. Garuda Hotels acquired the hotel site in June 2005. The borrower has been a ValueXpress client since 1999.

The transaction, closed by Country Bank, a $450-million community bank based in New York City, was handled by Michael D, Sneden, Executive Vice President at ValueXpress, and Tim Moffett, Vice President, Government Lending Programs for Country Bank. The loan was closed by Michael Kennedy of Lawrence and Walsh, a leading real estate law firm in the region that specializes in closing government-guaranteed loans.

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This entry was posted in Michael D. Sneden, The Banker's Mortgage Conduit, Valuexpress and tagged . Bookmark the permalink.

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