ValueXpress has arranged a $5.3-million CMBS conduit loan for the refinance of a Candlewood Suites constructed in 2013. Located 15 miles west of Atlanta off I-20 in Lithia Springs, Georgia, the property is a 4-story, 75-room, extended-stay, interior-corridor hotel constructed by the sponsors to Candlewood Suites brand standards.
The property is located in proximity to shopping, restaurants, attractions and businesses. The hotel is a preferred choice for visitors headed to area businesses in the Fulton Industrial-Camp Creek area. The Data Center Corridor, which includes companies such as Google, Citi, and AT&T, is in this area. Amenities include the Candlewood Cupboard, movies from the hotel’s growing library, and a 24-hour fitness center.
The loan provides for a 10-year term with a 25-year amortization schedule and is non-recourse. The loan provided for cash-out proceeds, allowing the sponsor to recover equity from the subject hotel to invest in other projects. Financing was provided by an active CMBS conduit lender that has an ongoing relationship with ValueXpress to arrange additional CMBS conduit loans.