ValueXpress has arranged a $5-million CMBS conduit loan for the refinance of a LaQuinta Inn & Suites constructed in 2009 in Grand Prairie (Dallas/Fort Worth), Texas. The property, a 4-story, 73-room interior-corridor hotel, is constructed by the sponsors to LaQuinta Inn & Suites brand standards.
The property is a four-story interior-corridor wood structure with a brick, stone and stucco veneer exterior and a pitched metal roof system with a porte-cochere entry. Amenities include a meeting room, exercise room, complimentary breakfast, high-speed internet access, a business center and an outdoor swimming pool.
The La Quinta Inn & Suites Grand Prairie, Texas Hotel sits near the heart of the Dallas/Fort Worth Metroplex. For tourists looking for hotels near Arlington, close to all the attractions, the hotel is just five minutes from the Dallas Cowboys Stadium, Six Flags Over Texas, Hurricane Harbor and the Rangers Ballpark.
“I have known Jay Bhakta for a very long time and always looked forward to the day we could work together on a deal,” said Raj Chudasama, owner of the property. “Jay immediately came to my property from Mississippi to help me with my documentation, while Jim Brett in New York handled all the third-party vendors and interaction with the lender. It really was a team effort from ValueXpress.”
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.