ValueXpress has arranged a $4.8-million CMBS conduit loan for the refinance of a LaQuinta Inn & Suites constructed in 2008 in Brandon (Jackson), Mississippi. The property, a 3-story, 67-room interior-corridor hotel, is constructed by the sponsors to LaQuinta Inn & Suites brand standards. The property features 51 standard rooms and 16 suites. The property was named a 2013 TripAdvisor Certificate of Excellence award winner.
The property is a three-story, interior-corridor wood structure with a stucco veneer exterior and a southwestern-style pitched tile 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 and spa.
La Quinta Inn & Suites Grand Brandon/Jackson Airport sits 2 miles from Jackson International Airport. The property is surrounded by shopping and dining for tourists looking for those amenities. For business travelers, the property is located in proximity to many local companies.
“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 Manny Patel, owner of the property. “Jay immediately came to my property 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.