ValueXpress has arranged a $4.2-million CMBS conduit loan for the refinance of a Candlewood Suites constructed in 2008. Located in the Houston Medical Center section of Houston, TX, the property is a 4-story, 80-room extended-stay interior-corridor hotel constructed by the sponsors to Candlewood Suites brand standards.
The hotel, located adjacent to I-610, is targeted to business travelers and guests accessing the medical institutions in proximity to the property. Regional offices of energy companies, including Shell and Halliburton, are located nearby. The hotel offers complimentary shuttle service to the major medical institutions such as MD Anderson Cancer Center, Texas Christian Hospital and Baylor Clinic. Furthermore, the hotel is ideal for leisure travelers visiting Reliant Park, the museum district, or the Galleria shopping district.
The property features a host of complimentary amenities, including high-speed wireless Internet access, guest laundry services and a fitness center with TV. Guests can enjoy snacks purchased on site from the Candlewood Cupboard and the Gazebo Grill.
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.