ValueXpress obtained a $9.5-million CMBS conduit loan to take out a $7.5-million bridge loan obtained by ValueXpress in December 2013. The bridge loan refinanced a construction loan that was utilized to build a 94-room Hampton Inn hotel that opened in April 2013. The bridge loan, which provided for interest-only payments based on a LIBOR-based index, allowed the sponsor to exit an existing loan before closing on an SBA component that would have locked in a substantial prepayment penalty.With 12 months of solid operating history, the permanent CMBS conduit loan replaced the bridge loan and allowed for $2 million of equity recapture.
The property is a four-story interior-corridor structure with a stone and stucco veneer exterior. Amenities include a meeting room, exercise room, complimentary breakfast, high-speed internet access, a business center, hot and cold breakfast and an outdoor swimming pool. The property is one of the first Hamptons to feature electric car charging stations in front of the hotel.
The property is 15 minutes from Dallas-Fort Worth International Airport (DFW) and shops at Southlake Towne Square and Grapevine Mills Mall. The hotel also offers easy access to corporations in the Southlake and Grapevine areas.
“We hope to do more bridge/permanent CMBS conduit loans similar to this transaction for sponsors that need a stabilization period to qualify for a long-term, fixed-rate CMBS loan,” said Michael D. Sneden, Executive Vice President at ValueXpress.