ValueXpress Obtains $6,370,000 CMBS Loan for a Hampton Inn & Suites in Greenville, TX

ValueXpress has arranged a $6.37-million CMBS conduit loan for the refinance of a Hampton Inn & Suites constructed in 2006 in Greenville, Texas. The property, a 4-story, 75-room interior-corridor hotel, was constructed by the sponsors to Hampton Inn brand standards.

The property, located adjacent to I-30, provides access to the many Greenville attractions, including Lake Tawakoni or Lake Ray Hubbard, both just 20 minutes from the hotel. Shopping is available at Crossroads Mall. The property is convenient to downtown Dallas, which is just an hour away.

Amenities include a meeting room, exercise room, complimentary breakfast, high-speed internet access, business center, on-site convenience store, fitness center and outdoor swimming pool. Guest rooms have queen- or king-sized beds, flat-panel TVs, high-speed wireless internet and sofa beds in select suites.

“The transaction was a challenge,” commented Jay Bhakta, a Senior Loan Originator at the ValueXpress Jackson, Mississippi office and 15-year ValueXpress veteran. “The transaction resulted in a large return of equity to the sponsor and there was a concern the sponsor has no ‘skin in the game’ after closing. Plus, the property is located in a tertiary market.”

“We worked hard to get the credit team comfortable with the market and sponsorship,” commented Jim Brett, Chief Underwriter at ValueXpress. “In the end, everyone was comfortable with the transaction and it was approved without a hiccup.”

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.

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This entry was posted in CMBS, CMBS Conduit Loans, Commercial Mortgage-Backed Securities, 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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