ValueXpress Obtains $9.75-Million CMBS Conduit Loan for a Portfolio of 2 Hotels Located in Sandusky, OH

ValueXpress obtained a $9.75-million first-mortgage loan that provided a significant pay down of portfolio debt secured by two hospitality properties located in Sandusky, OH, the Best Western Plus – Sandusky and the Comfort Inn – Sandusky.  Both properties are located on Milan Road, adjacent to each other.  Sandusky is located on the shores of Lake Erie and is known throughout the region for its leisure attractions.

The 89-room Best Western Plus and 207-room Comfort Inn offer easy access to action and adventure at Cedar Point, Kalahari Resort and Summit Motorsports Park.  Also, Firelands Winery, Lake Erie Islands Ferry, Kelley’s Island, Keys Golf Course, Merry Go Round Museum, Thomas Edison Museum and Seneca Caverns are all in proximity to these hotel properties.

The Best Western amenities include flat-screen televisions with cable or satellite television and pay-per-view, microwave,  refrigerator, coffeemaker, in-room safe, high-speed Internet access and more. Guests wake up refreshed and enjoy a complimentary full breakfast that includes hot items.  Additional amenities include an exercise facility, guest laundry, dry cleaning, game room, business center, meeting facilities and free parking.

Similar amenities can be found at the Comfort Inn, plus all rooms and public spaces have recently been remodeled. Banquet and meeting rooms are available to accommodate most events and business functions. In addition, the award winning Baci Restaurant & Bar, an Italian fine dining restaurant and nightclub operated by the sponsors, is located in the Comfort Inn hotel

“We provided a CMBS loan for this client just a few months ago, and based on the successful execution of that transaction, we were engaged to complete a follow-on transaction,” commented Kevin Monahan, Senior Originator at ValueXpress. “We are happy to report another successful execution for this client.”

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

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