ValueXpress Arranges $3.8-Million CMBS Conduit Loan for the Refinance of a 59-Room Comfort Inn & Suites in Yakima, WA

ValueXpress has arranged a $3.8-million CMBS conduit loan for the refinance of a Comfort Inn & Suites limited-service hotel constructed in 1998 located in Yakima, Washington. The property, a 3-story, 59-room interior-corridor hotel, was purchased by the sponsor in August 2000. The purpose of the refinancing was to pre-pay an existing CMBS conduit loan through defeasance and provide cash-out proceeds to the sponsor to complete a property improvement plan (PIP) that was anticipated to cost approximately $800,000. The franchisor, Choice Hotels, selected this property to participate in a new program whereby Choice will contribute $125,000 to the cost of the PIP in exchange for a new 10-year franchise license extension. The franchise extension was required by the lender in any event, so the PIP reimbursement program was a win-win.

The property is a three-story, interior-corridor wood structure with clapboard siding and brick accents. The property in located in the city of Yakima, population roughly 85,000. The property is in proximity to the Yakima convention center, and the Capitol Theatre. The hotel is in the heart of leisure activities, including Yakima Wine country with wineries like Lookout Point Winery, Rattlesnake Hills Wine Trail, Chinook Wines and Snoqualmie Vineyards. In addition, the hotel is located near white water rafting, Yakima Speedway and next to Greenway Park, which is popular for running, walking and biking.

The loan provides for a 10-year term with a 25-year amortization schedule and is non-recourse. Financing was provided by an active CMBS conduit lender that has an ongoing relationship with ValueXpress to arrange additional CMBS conduit loans.

 

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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.

One Response to ValueXpress Arranges $3.8-Million CMBS Conduit Loan for the Refinance of a 59-Room Comfort Inn & Suites in Yakima, WA

  1. Pingback: ValueXpress Arranges $4.7-Million CMBS Conduit Loan for the Refinance of a 55-Room Best Western Hotel in Ellensburg, WA | ValueXpress News

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