ValueXpress has arranged a $5.4-million CMBS conduit loan commitment for the refinance of a Candlewood Suites constructed in 2010 located in the Kingwood section of Houston, TX. The property is a 3-story, 75-room extended-stay interior-corridor hotel constructed by the sponsors to Candlewood Suites brand standards.
The hotel, located near George Bush Intercontinental Airport, provides a free shuttle that runs to the airport and anywhere else within a five-mile radius of the hotel. Kingwood Medical Center, Administaff, Chevron-Phillips Chemical and Westronics are all easily accessible from the hotel, which is location off Highway 59.
The property features a host of complimentary amenities, such as guest laundry services, a fitness center with TV and high-speed wireless Internet access.
The loan provides for a 10-year term with a 25-year amortization schedule and is non-recourse. Financing was provided by an active CMBS conduit lender that has an ongoing relationship with ValueXpress to arrange additional CMBS conduit loans.