ValueXpress has arranged a $4-million CMBS conduit loan for the refinance of an 80-room Holiday Inn Express and Suites located in Canton, Mississippi. The property is a three-story hotel that was constructed in 2007. The loan provided for cash-out proceeds for a Property Improvement Plan (PIP) in conjunction with a 15-year franchise license extension.
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. The plant also produces the Nissan Altima passenger car and Nissan Murano crossover vehicle.
In addition, Canton is a well-known filming location (who knew!). Mississippi Film Studios at Canton (MFS) is Mississippi’s first purpose-built production facility. Sitting on 31 secure acres with a massive 36,000-square-foot stage MFS was developed to serve the full spectrum of film production, from low-budget features and commercials to major network television and large feature films.