ValueXpress Arranges $7.5-Million CMBS Conduit Loan for the Refinance of a Howard Johnson Hotel Located at Kennedy Airport in New York City

ValueXpress has arranged a $7.5-million CMBS conduit loan for the refinance of a Howard Johnson Hotel located in Jamaica, New York City. The hotel is located on Archer Avenue, a short walk from the Jamaica Airtrain station, which provides frequent service to John F. Kennedy Airport. In addition, subway service and Long Island Rail Road (LIRR) service to New York City, LaGuardia Airport, Citi Field (Mets baseball) and other New York City attractions are all easily accessible from the hotel.

The property is a 6-story, 61-room interior-corridor hotel constructed in 2013 to Howard Johnson brand standards. Amenities include free Wi-Fi Internet access, complimentary continental breakfast, fitness center and 42-inch LED TVs with premium channels. Guest rooms offer plush mattresses, refrigerator, safe, hair dryer, and coffee maker.

This transaction was arranged by Gary Unkel, Senior Loan Originator at ValueXpress. “The transaction was challenging in that the property did not have the 12 months of operating history typically required to obtain a CMBS conduit loan for a hotel,” commented Unkel. “However, we were able to convince our conduit partner that the strength of the market and outstanding location warranted special treatment, and after receiving the green light, the deal closed in 45 days.”

 

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