ValueXpress Obtains $17-Million CMBS Conduit Loan for a Portfolio of 3 Hotels Located in Metropolitan New Orleans, LA

ValueXpress obtained a $17-million first-mortgage loan that was utilized to refinance existing debt and provide cash-out proceeds secured by a portfolio of three extended-stay hotels located in metropolitan Louisiana: the Suburban Extended Stay, La Place, LA; the Suburban Extended Stay, Avondale, LA; and the Candlewood Suites, Avondale, LA.

The Suburban Extended Stay, La Place is located at the intersection of I-10 and Interstate 55. La Place is situated between New Orleans and Baton Rouge; it is generally considered a suburb of New Orleans, located approximately 30 miles west of the city.  The property was constructed in 2008 and contains 82 guest rooms, an outdoor pool, business center and guest laundry.

The Suburban Extended Stay, Avondale and Candlewood Suites, Avondale are located at the intersection of Avondale Garden Road and U.S. Highway 90. Avondale is a suburb of New Orleans, located approximately 10 miles west of the city.  The Suburban Extended Stay, Avondale was constructed in 2004 and expanded/renovated in 2009.  The hotel contains 98 guest rooms, an outdoor pool, business center and guest laundry.  The Candlewood Suites, Avondale was constructed in 2011 and contains 83 guest rooms, an exercise room, business center, market pantry and guest laundry.

“The transaction was time sensitive as the loan needed to close by the third Thursday in April to meet an SBA payoff, and we got it done,” said Michael D. Sneden, Executive Vice President at ValueXpress.

Advertisements
This entry was posted in CMBS Conduit Loans, Commercial Real Estate Loans, Michael D. Sneden, News & Recent Closings, SBA, The Banker's Mortgage Conduit, Valuexpress and tagged , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s