ValueXpress Arranges $4.7-Million CMBS Conduit Loan for the Refinance of a 55-Room Best Western Hotel in Ellensburg, WA

ValueXpress has arranged a $4,700,000 CMBS conduit loan for the refinance of a 55-room Best Western hotel located in Ellensburg, Washington. The property is a three-story interior-corridor hotel that was constructed in 2002. The loan provided for cash-out equity return to the owner in addition to funding a Property Improvement Plan (PIP).

The property is located in northern Washington State, approximately 100 miles southeast of Seattle. The hotel is situated adjacent to Interstate Highway 90 (I-90), near its intersection with I-82. I-90 traverses eastward from the property, and I-82 goes to points south.

Ellensburg is the home of Central Washington University (CWU). Founded in 1891, the university consists of three chief divisions including the Office of the President, Business and Financial Affairs, and Academic and Student Life (ASL). Within ASL are four colleges: the College of Arts and Humanities, the College of Business (Ellensburg campus and centers in the Puget Sound and central regions), the College of Education and Professional Studies, and the College of the Sciences.

The property provides guests with an extensive amenities package that includes an indoor pool with hot tub, complimentary hot breakfast, fitness center, business center and high-speed internet. Each room has a microwave/refrigerator, coffee/tea maker and a desk/work area.

“The transaction was the second deal for this borrower, having completed the $3.8-million Comfort Suites – Yakima closing just a few months ago. The sponsor was impressed with the execution on the Comfort Suites and selected ValueXpress to complete this follow-on transaction,” commented Michael D. Sneden, Executive Vice President at ValueXpress.

Advertisements
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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s