ValueXpress Lines Up CMBS Conduit Deal for Client of 15 Years

ValueXpress has arranged a CMBS conduit loan secured by a portfolio of two hotels, the Econolodge – Ithaca and the Country Inn and Suites – Ithaca, both located in Ithaca, New York. The properties are owned by Jay Bramhandkar.

“The transaction was nothing unusual, as it represents just 1 of the 250 hotel loans completed at ValueXpress,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “What’s amazing is the loyalty of the borrower. He has worked with us exclusively for 15 years on all his financing needs.”

“The relationship started when ValueXpress obtained a loan from Eastern Savings Bank in 1999 to stave off foreclosure of the Econolodge after the prior loan was bought by an aggressive investment firm. We then refinanced the loan into our affiliate bank, Country Bank, in 2003, and then into BNB Bank in 2008,” according to Sneden.

ValueXpress obtained the construction loan for the Country Inn and Suites from BLX in 2006 and refinanced the loan into Country Bank in 2010.

Now, both properties are being refinanced into a CMBS conduit loan to lower the interest rate and provide cash-out proceeds to replace the roof on the Econolodge.

“Whenever I get a call from a banker or broker for financing I direct them to Mr. Sneden,” said Bramhandkar. “I do not make any decisions on the financing of my properties without his guidance, I am very grateful for all his help over the years.”

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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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