ValueXpress Arranges $22.5-Million CMBS Conduit Loan for the Refinance of a Wyndham Garden Hotel Located in San Jose, CA

ValueXpress has arranged a $22.5-million CMBS conduit loan for the refinance of a Wyndham Garden Hotel located in San Jose, California, two miles from the Mineta San Jose International Airport. The hotel is also in immediate proximity to SAP Center, home of the San Jose Sharks professional hockey team, and the San Jose McEnery Convention Center.

The full-service hotel was built in 1969, has 196 rooms and the Island Grill and Bamboo Lounge. The borrower has invested approximately $7.3 million on a property improvement plan related to repositioning the property from a Clarion and subsequently independent hotel to the current Wyndham Garden brand. In addition, the borrower invested approximately $1.0 million in 2012 upgrading the entire Island Grill and Bamboo Lounge. Property amenities include a fitness center, outdoor swimming pool, putting green, sundries shop, business center, free airport shuttle service and on-site gift shop. The Wyndham Garden-San Jose property also contains approximately 6,114 square feet of meeting space and approximately 2,000 square feet of outdoor and pre-function space comprising the courtyard patio. It also includes a 2,457-square-foot ballroom.

This transaction was a follow-on deal after successfully closing on the Four Points by Sheraton hotel located in San Jose last month. That hotel is a three-story, interior-corridor, full-service hotel constructed in 1990 and substantially renovated by the sponsor in 2013 to Sheraton Four Points brand standards as part of a conversion from an independent hotel.

 

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This entry was posted in CMBS Conduit Loans, Commercial Lending, 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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