ValueXpress has arranged a $6,100,000 CMBS conduit loan for the refinance of an 88-unit apartment development located in Bowling Green, Kentucky. The project is owned locally by Rodgers Real Estate Holdings and Rodney Rodgers, who constructed the project in 2015-2016. The project is 100% occupied. This is a follow-on transaction, as ValueXpress originally provided a $3,840,000 loan on Grand Haven Villas I in 2015. The loan was originated by Terry Luker, a CCTG graduate who has worked with ValueXpress on a number of CMBS conduit loans.
“The transaction was extremely beneficial to the sponsor, Mr. Rodgers,” explained Luker. “This CMBS conduit loan, just like the one we provided two years ago, repaid the existing construction lender, paving the way for more construction monies to continue to construct additional apartment buildings. In addition, it allowed Mr. Rodgers to lock in an attractive fixed-rate, non-recourse loan for ten years.”
The property consists of beautiful two-story, eight-unit buildings with four units on the ground floor and four units on top. The property is centrally located in Bowling Green in the Nashville road corridor, which is the fastest growing area of Bowling Green. The property is in close proximity to grocers, restaurants and banks.
“We are continuing to increase our business with CCTG graduates,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “The graduates are on the ground in their markets locating deals, while ValueXpress acts as their back-office, getting loans processed and closed quickly. The result? Very happy repeat borrowers.”