ValueXpress Obtains $4.125-Million CMBS Conduit Loan for the Refinance of an 84-Room Candlewood Suites

ValueXpress has obtained a $4.125-million CMBS conduit loan commitment for the refinance of a Candlewood Suites constructed in 2008 in Augusta, GA. The property is a 3-story, 84-room extended-stay interior-corridor hotel constructed by the sponsors to Candlewood Suites brand standards.  The property recorded the highest occupancy in 2011 of any Candlewood Suite property in the franchise system.  Room mix is 18 king studio suites and 66 double queen studio suites. Each suite features a fully equipped kitchen, large workspace and recliner. Kitchens include full-sized refrigerator/freezer, cook-top, microwave, dishwasher, cooking utensils, dishes and sink. The property features the Candlewood Cupboard, where guests can purchase food, beverages and toiletries. Additional amenities include the Gazebo Grill, Guest Laundry, Lending Library, Candlewood Gym and outdoor pool.

The property is located 2 miles from Augusta National Golf Course (home of “The Masters”) and in proximity to several colleges, medical centers and the Augusta Museum of History.

The loan provides for a 10-year term with a 20-year amortization schedule and is non-recourse. Financing was provided by an active CMBS conduit lender that has an ongoing relationship with ValueXpress to originate additional CMBS conduit loans.

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This entry was posted in CMBS, CMBS Conduit Loans, Commercial Lending, Michael D. Sneden, News & Recent Closings, Valuexpress and tagged , , . Bookmark the permalink.

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