ValueXpress Obtains $3,840,000 CMBS Conduit Loan for the Refinance of Grand Haven Villas Apartments located in Bowling Green, KY for CCTG Grad

ValueXpress has arranged a $3,840,000 CMBS conduit loan for the refinance of a 56-unit apartment development located in Bowling Green, Kentucky. The project is owned locally by Rodgers Real Estate Holdings and Rodney Rodgers who constructed the project in 2013-2015. The project is 100% occupied. Plans are in place to construct approximately 100 additional units over time based on leasing velocity. The loan was originated by Terry Luker, a CCTG graduate who has worked with ValueXpress on a number of CMBS conduit loans.

Grand Villa for 5 29 2015 blast

“The transaction was extremely beneficial to the sponsor, Mr. Rodgers,” explained Luker. “The CMBS conduit loan repaid the existing construction lender, paving the way for more construction monies to continue to construct additional apartment buildings. In addition, it allowed Mr. Rodgers to lock in an attractive fixed-rate, non-recourse loan for ten years.”

The property consists of beautiful two-story, eight-unit buildings with four units on the ground floor and four units on top. The property is centrally located in Bowling Green in the Nashville road corridor, which is the fastest growing area of Bowling Green. The property is in close proximity to grocers, restaurants and banks.

“We are continuing to increase our business with CCTG graduates,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “The graduates are on the ground in their markets locating deals, while ValueXpress acts as the back-office, getting loans processed and closed quickly, resulting in very happy borrowers.”

 

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This entry was posted in CMBS, 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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