ValueXpress obtained a $4.5-million first-mortgage loan commitment with its New York banking partner, Country Bank, for the purchase of the fee interest in a 72-room interior-corridor limited service hotel originally constructed in 2006 and expanded in 2008-2009 (re-opened January 2010) operating under a Quality Inn franchise. The Quality Inn Jamaica AirTran hotel is conveniently located 10 minutes from John F. Kennedy International Airport and LaGuardia Airport with easy access to Manhattan. Simultaneously with the closing on the purchase, the current land lease between Borrower, Purchaser and Lessee Hariohm Realty LLC and the Seller and Landlord Luis Morica will be extinguished, allowing the loan security for the transaction to be a first-mortgage position on the fee interest.
“This is our third transaction with this client,” commented Michael D. Sneden, Executive Vice President of ValueXpress. “In each instance we delivered. We are now working on two additional financing assignments with this client: a construction loan for a limited service hotel near Yankee Stadium in the Bronx and a CMBS conduit loan secured by a Holiday Inn Express hotel located in Maspeth, Queens, N.Y.”