ValueXpress Arranges $6-Million CMBS Conduit Loan for the Refinance of 67-Room Hampton Inn Located in Clute, TX

ValueXpress has arranged a $6-million CMBS conduit loan for the refinance of a three-story Hampton Inn hotel constructed in 2008 located in Clute/Lake Jackson, Texas. The property was constructed to latest Hampton Inn brand standards. Creating a modernized look, these new construction standards include contemporary bathrooms with a clean, white design, as well as movable desks and ottomans. Power outlets are repositioned for staying connected, and rooms offer streamlined case goods like a mini-fridge and wire baskets for storage.

The hotel is located on Highway 288/332 within easy reach of Surfside Beach and Quintana Beach. Discover Lake Jackson Historical Museum, the Center for the Arts & Sciences, The Clarion Music Performance Center and Dow Centennial Park are all within a 15-minute drive. The hotel is close to local corporations, including BASF, Dow Chemical Company, Freeport, LNG Plants, Dole, Perstorp and Shintech.

“This is the first closing of a portfolio of 12 hotels owned by this group,” explained Jay Bhakta, a Senior Loan Originator at the ValueXpress Jackson, Mississippi office and 15-year ValueXpress veteran. “They are being underwritten and closed in batches of 4-5 hotels at a time so as to not overwhelm these hard-working owner-operators. I have now been in Corpus Christi, Portland, Rockport and Clute for nearly three weeks assisting in property diligence. The owners are very grateful for the help.”

The loan provides for a 10-year term with a 20-year amortization schedule and provided a substantial return of excess equity to ownership. Financing was provided by an active CMBS conduit lender that has an ongoing relationship with ValueXpress to arrange additional CMBS conduit loans.

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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