ValueXpress Obtains $6-Million CMBS Conduit Loan for the Refinance of Upper and Lower Stone Apartments in Bowling Green, KY for CCTG Grad

ValueXpress has arranged a $6-million CMBS conduit loan for the refinance of a 108-unit apartment development located in Bowling Green, Kentucky. Owned locally by three real estate professionals, the project was constructed in 2012-2015. The project is 100% occupied. The loan was originated by Terry Luker, a CCTG graduate who has worked with ValueXpress on a number of CMBS conduit loans.

Lower Stone Apartments, Bowling Green, KY

Lower Stone Apartments, Bowling Green, KY

The transaction allowed for cash-out proceeds to be returned to the sponsors for investment in other opportunities. In addition, the non-recourse feature of the loan allowed for the sponsors to obtain a recourse construction loan to build another apartment community because the CMBS loan reduced the contingent liabilities of the sponsors below the threshold required by the construction lender.

“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, and ValueXpress acts as their back office, getting loans processed and closed quickly, resulting in very happy borrowers.”

“In addition, this transaction highlights two key benefits of CMBS conduit loans, unrestricted cash-out up to 75% LTV and no personal guarantees,” said Sneden.

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This entry was posted in CMBS, 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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