ValueXpress has arranged a $4-million CMBS conduit loan for the refinance of a four-story Hampton Inn hotel constructed in 2004. The loan provided an opportunity for the sponsor to consolidate a prior first and second mortgage held by a local community bank into a non-recourse first mortgage. The new loan features a lower monthly payment based on its lower interest rate and longer amortization period (25 years).
The property is located adjacent to I-55 in Canton, Mississippi, 25 miles north of Jackson. The area is dominated by the Nissan automotive assembly plant located in Canton. The 4.2-million-square-foot assembly plant was constructed in 2003 on over 1,000 acres of land. Total investment in the facility is over $3 billion. The plant has an annual capacity of over 450,000 vehicles and produces all Nissan pickup trucks and SUVs. In addition, the plant produces the Nissan Altima passenger car and Nissan Murano crossover vehicle.
The hotel was constructed to the most recent Hampton Inn prototype and features studio and one-bedroom suites in addition to standard guest rooms. Every room has either a king bed or two queen beds. The hotel provides a complimentary hot breakfast or an “On the Run” breakfast bag. Additional amenities include free Wi-Fi, business center and in-room refrigerators and microwaves.