CMBS Conduit Loans

ValueXpress Arranges $6.2-Million CMBS Conduit Loan for the Refinance of a 69-Room Best Western Hotel in Houston, TX

ValueXpress has arranged a $6.2-million CMBS conduit loan for the refinance of a Best Western Hotel constructed in 2002. The three-story property is located near the Galleria section of Houston, Texas.

The subject property was acquired by Fountainview BW, LLC in August 2014. The property was absentee owner-owned and was underperforming the market in terms of both occupancy and ADR. New ownership immediately embarked on an aggressive marketing plan to be followed by a capital improvement plan to begin in the first quarter of 2015. A portion of the loan proceeds was escrowed to complete the program, including an extraordinary opportunity to create additional revenue by placing 3 more guest rooms into service, thereby increasing the room count to 72. All permits and authorizations from the franchisor are in place to complete these rooms. The rooms are currently configured as 3 guest rooms similar to the balance of the hotel; however, they are being used for storage and require carpet, paint, case goods, and bathroom renovation.

The new CMBS conduit 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 excess equity as the bank loan utilized to purchase the property was low leveraged. Financing was provided by an active CMBS conduit lender that has an ongoing relationship with ValueXpress to arrange additional CMBS conduit loans.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $6.8-Million CMBS Conduit Loan for a Portfolio of 3 Multifamily Properties Located in Augusta and Greenville, SC

ValueXpress obtained a $6.8-million first-mortgage loan that was utilized to refinance existing debt and provide cash-out proceeds secured by a portfolio of three multifamily properties located in Augusta and Greenville, South Carolina: Willow Wick Apartments, Pine Crest Apartments and Broadway Apartments.

Willow Wick Apartments is a 104-unit garden-style complex built in 1970. The property is located along the east side of West Martintown Road, just north of its interchange with Interstate 20, in the northwestern portion of North Augusta. Property amenities consist of an outdoor swimming pool, a playground, a sand volleyball court and a laundry room.

Pine Crest Apartments is a 120-unit garden-style complex built in 1973. The property is located at the northeast corner of Bradleyville Road and Norway Road, just east of Knox Avenue and in the central portion of North Augusta. Property amenities consist of a large outdoor swimming pool, two tennis courts and a small laundry room in each building.

Broadway Apartments is a 64-unit garden-style complex built in 1972. The property is located off White House Road (SR 25) in western Greenville, South Carolina.

"We provided a CMBS loan for this client in 2003, and I have been in touch with the sponsor over the years," commented Gary Unkel, Senior Originator at ValueXpress. "So when it was time to refinance, we were ready to provide a new CMBS loan at a lower rate with cash-out proceeds to the client."

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $1,725,000 Bridge Loan for the Acquisition of a Mixed-Use Retail/Office Building in Staten Island, NY

ValueXpress obtained a $1,725,000 bridge loan that was utilized to acquire a 13,652 square feet mixed-use building located in Staten Island, New York. The building is 97% occupied and leased to a mix of local retail and office tenants.

“The transaction demonstrated our ability to provide financing solutions for our clients even when circumstances change at the last minute,” commented Dennis Suh, Senior Vice President of ValueXpress. “The transaction was structured as a standard fixed-rate CMBS conduit loan, which is not readily available in the market for under $3 million. However, ValueXpress has a long-standing relationship with a small-balance CMBS lender that will write loans as small as $1 million for ValueXpress clients.”

However, during underwriting it was discovered that expense reimbursements were not being collected by the seller in accordance with the leases, and the loan did not meet minimum debt-service coverage requirements for a loan equal to 75% of the purchase price. “I petitioned the lender to fund the deal on a floating rate basis at full proceeds, and they agreed,” stated Dennis. “In return, I agreed to assist the buyer in setting up billing and collections, and once the buyer begins to receive reimbursements from the tenants, the lender has agreed to convert the loan to a 10-year fixed-rate loan.”

“It is rare to see a bridge loan in the marketplace for less than $5 million, but this transaction is yet another example of how our relationships with our partners can be called upon to find solutions for clients. It was critically important in this situation since the client risked losing his purchase deposit if the purchase of the property did not close with a 75% loan,” commented Mike Sneden, Executive Vice President at ValueXpress.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $6.65-Million CMBS Conduit Loan for a Single-Tenant Industrial Flex Building

ValueXpress obtained a $6,650,000 first-mortgage CMBS conduit loan that was utilized to refinance an 82,280-square-foot single-tenant, industrial flex building located in St. Louis, Missouri. The building is 100% occupied and leased to Nooter Construction Company. The transaction refinanced a maturing CMBS conduit loan.

The Sponsor approached ValueXpress seeking a solution to the difficult challenge of refinancing a single-tenant asset with only five years remaining on its lease. "The Sponsor had contemplated entering into negotiation with their tenant to extend the lease early at a reduced rent,” commented Dennis Suh, Senior Vice President at ValueXpress. “However, having successfully refinanced other single-tenant assets with similar hurdles I advised against it, ultimately providing a refinance proposal that did not require a lease extension."

"We have had excellent success working with Sponsors to refinance single-tenant asset deals with lease terms that expire early in the loan term," commented Michael D. Sneden, Executive Vice President of ValueXpress. “The effort requires substantial diligence on how “mission critical” the location is to the tenant and providing a compelling case to the chief credit officer that the tenant will not move at lease expiration.”

“This is the second high-quality industrial asset that I have closed in recent months,” commented Suh. “In each case I was able to confirm that the tenant was credit-worthy despite a lack of corporate financial statements and that the location was critical to business operations.”

The loan transaction was structured as a 10-year term based on a 25-year amortization schedule. Loan-to-value was 65% and the property provides 1.70x net cash flow DSCR on actual income and expenses.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $2,400,000 CMBS Conduit Loan for the Purchase of a 68-Unit Multifamily Apartment Complex in Hartford, CT

ValueXpress has arranged a $2.4-million CMBS conduit loan for the purchase of a 68-unit apartment complex located in Hartford, Connecticut for $4.0 million. The purchase was part of an IRS Section 1031 tax exchange for the buyer. The property consists of five four-story brick buildings constructed in the 1960s. In 2000, the property was awarded $435,000 in tax credits under Section 42 of the IRS tax code. This was utilized to complete a substantial rehabilitation in exchange for the property providing units and rental rates to low- and moderate-income tenants for a period of 15 years. The compliance period ended in 2016 and the owner elected to sell the property since rental restrictions are no longer required at the property.

The transaction was challenging in that some oil tanks were removed from the property prior to 1992 without any documentation. As a result, the environmental firm called for a Phase II subsurface investigation, including a ground penetrating radar (GPR) survey of the property as well as subsurface sampling in areas where former tanks were suspected to have been present. The seller did not want the buyer to investigate the property, but he would not do the investigation himself. The issue was solved with environmental insurance.

The transaction was structured with a 10-year fixed-rate loan term that is payable based on a 30-year amortization schedule.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $7,250,000 CMBS Conduit Loan for the Refinance of an 88-Room Quality Suites Located in Atlanta, GA

ValueXpress has arranged a $7.25-million CMBS conduit loan for the refinance of a three-story Quality Suites hotel constructed in 1990 and renovated in 2015-2017. The hotel is located in the Buckhead Village section of Atlanta, Georgia.

Amenities include a meeting room, exercise room, complimentary breakfast, high-speed internet access, a business center, hot and cold breakfast and an outdoor swimming pool. All rooms feature kitchens with refrigerators and microwaves, free WiFi, free wired Internet and flat-screen TVs with digital channels. Living rooms, coffee makers, and free local calls are among the other amenities available to guests.

The property is located at Pharr Road, adjacent to Frankie Allen Park, in Buckhead Village. The property is proximate to Underground Atlanta, Philips Arena, Emory University, Georgia World Congress Center, Georgia Institute of Technology, Atlanta Civic Center, Buckhead Crossing, Emory University Hospital and the Georgia Dome.

“The transaction was challenging in that the loan amount provided for a substantial return of equity to the sponsor. Normally, return of equity is not an issue in CMBS conduit loans; however, the loan amount in this case exceeded the cost basis for the property,” noted Michael D. Sneden, Executive Vice President at ValueXpress. “We were able to mitigate the concern based on the high level of property performance and outstanding location.”

In addition, the property is exterior corridor. “Exterior corridor hotels are not desired in CMBS conduit loans, but we were able to mitigate this concern as well,” commented Jim Brett, head of underwriting at ValueXpress.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $4,875,000 CMBS Conduit Loan for the Refinance of a 90-Unit Apartment Complex Located in Homestead, FL

ValueXpress has arranged a $4,875,000 CMBS conduit loan for the refinance of a 90-unit apartment complex located in Homestead, Florida. The community is located just east of State Highway 821, which leads north to Miami and south to the Florida Keys. The property is in immediate proximity to Homestead Air Reserve Base, host to the 482nd Fighter Wing. The Wing has more than 1,500 members, including approximately 1,200 reservists (250 are full-time reservists known as Air Reserve Technicians), as well as 300 full-time civilians.

The property was constructed in 1990 and consists of 22 one-story apartment buildings. Each building typically contains 3-6 units. Unit mix is as follows: 10 studios, 65 one-bedroom/one-bath, 10 two-bedroom, one-bath units and 5 two-bedroom, two bathroom units.

This transaction was underwritten by Jim Brett, head of underwriting at ValueXpress. “The transaction was challenging in that the ownership entity had filed for bankruptcy in 2013, the sponsor had a deed-in-lieu of foreclosure on another property and the proposed loan proceeds were insufficient to pay off the prior lender,” Brett said.

“To solve the issues, we walked the sponsor through the full disclosure process on the credit matters to get decision makers comfortable,” notes Brett. “In addition, we provided support to increase the loan amount by $250,000 to cover the existing loan payoff and transaction costs.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $5.5-Million CMBS Conduit Loan for the Refinance of a 78-Room Hampton Inn & Suites in Richland, MS

ValueXpress has arranged a $5,500,000 CMBS conduit loan for the refinance of a four-story Hampton Inn hotel constructed in 2015. The loan provided an opportunity to pay off an existing SBA 504 loan and some additional high-cost construction debt. The new loan features a lower monthly payment based on its lower interest rate and longer amortization period (30 years).

The property is located off I-20, south of Jackson, Mississippi. Area attractions include Trustmark Park, the Jackson Convention Complex, and the Mississippi Museum of Natural Science. The hotel was constructed to Hilton’s “Forever Young” program initiative, which includes the “Perfect Mix” lobby and “Jumpstart” Fitness Center. The hotel is a high performer, earning a number-one ranking on TripAdvisor and achieving a 109% RevPAR penetration rate.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $6.1 Million CMBS Conduit Loan for CCTG Grad for the Refinance of Grand Haven Villas Apartments II in Bowling Green, KY

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.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $5.5-Million CMBS Conduit Loan for the Refinance of a 91-Room Best Western Hotel Located in Yuba City, CA

ValueXpress has arranged a $5,500,000 CMBS conduit loan for the refinance of a 91-room Best Western hotel located in Yuba City, California. The property is a two-story exterior-corridor hotel that was constructed in 1989. The loan provided for significant cash-out equity return to the owner.

The property is located in northern California, approximately 40 miles north of Sacramento. The hotel is situated in central Yuba City adjacent to Highway 99, near the Sutter Buttes mountain range. Yuba City provides for many leisure activities, including gold mining in nearby historic “gold-rush” communities as well as hiking and camping in Sutter Buttes. In addition, the property provides accommodation for business guests visiting local companies in proximity to the hotel, including Sunsweet Growers, Sierra Gold Nurseries, Orchard Machinery Corporation, Valley Truck and Tractor, John Deere and Beale Air Force Base.

The property provides guests with an extensive amenities package that includes an outdoor 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 challenging in that the CMBS market does not favor exterior-corridor hotels,” commented Gary Unkel, Senior Loan Originator at ValueXpress who handled the transaction. “In fact, I can count on one hand the amount of exterior corridor limited-service hotels in CMBS that are not located on a beach. Add a big cash-out to the mix and I really had my hands full, but the property performance is exceptional and I was able to push the project through the credit approval process.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $5,200,000 Loan for the Purchase of a Fairfield Inn & Suites in Chattanooga, TN

ValueXpress has arranged a $5.2-million loan for the purchase of the Fairfield Inn & Suites – Chattanooga South/East Ridge. The three-story hotel was recently renovated to the latest Marriott brand standard by the prior owners who elected to sell the property with the work completed.

The property is located on North Mack Smith Road in the East Ridge section of South Chattanooga. Hotel rooms feature comfortable new bedding, free Internet access and spacious work areas. The hotel features a complimentary breakfast, indoor pool, gym, meeting room and business center. The property is in immediate proximity to the new Bass Pro Shop in East Ridge and I-75 access to downtown Chattanooga.

“The transaction was challenging as the sponsor required 80% non-SBA financing and a long-term fixed rate,” commented Gary Unkel who originated the deal with Charlie Lobetti from the ValueXpress Southeast office. “However, Charlie tapped into his 20 years of banking contacts and found a community banking relationship that liked the sponsor and property. They stepped up and financed 80% of the purchase price.”

“The loan provided for a 5-year fixed-rate at 4.5% that pays on a 25-year amortization schedule and is recourse to the principals of the borrower,” explained Charlie. “The sponsors would have preferred a longer fixed-rate term, but the 80% leverage was most critical and the sponsors were very pleased with the results provided by ValueXpress.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $20-Million CMBS Conduit Loan for the Refinance of a Portfolio of Drugstores Located in Michigan, Georgia and Puerto Rico

ValueXpress has arranged a $20-million CMBS conduit loan for the refinance of five free-standing drugstores. Two of the stores are Walgreens located in Guaynabo and Carolina, Puerto Rico. Two of the stores are Rite Aid located in Michigan, one in Selby Township and the other in Coldwater. The fifth property, located in Georgia, was formerly an Eckerd store that subleased to La-z-Boy furniture store.

The Walgreens stores have 20 years remaining on their leases with options to extend for another 20 years. The Rite Aid and La-z-Boy leases are set to expire in 12 years. 

“One of the main issues for this transaction was the lack of reported sales for all locations,” commented Gary Unkel, the deal manager for ValueXpress on the transaction. “Rite-Aid refused to supply any sales figures and Walgreens only reported sales on merchandise, food and non-third-party prescription sales.”

Another issue arose in Michigan, as the two Rite Aid stores were directly across the street from a new free-standing Walgreens. The concern here was if the acquisition of Rite Aid by Walgreens went through, would these stores remain open? The appraiser for the Michigan properties confirmed that both the Rite Aid stores are in prime locations on a major four-corner intersection and had great lease-up potential should they close.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $6.1-Million CMBS Conduit Loan for a 9-Building Industrial Park Located in Naples, FL

ValueXpress obtained a $6.1-million first-mortgage loan that was utilized to refinance existing debt secured by an 118,300-square-foot, 9-building warehouse facility located in the Naples, Florida Metropolitan Statistical Area. The property is currently 100% occupied by 21 tenants. The buildings were originally constructed in 1962, 1975, and 1989 and are in excellent condition. The property is located just outside the Naples Municipal Airport and has ideal street frontage that draws an array of different tenants. The loan transaction was structured as a 10-year term based on a 25-year amortization schedule. Loan-to-value was 75%, and the property provides 1.40x net cash flow DSCR on actual income and expenses.

“The transaction was completed within a tight time frame,” commented Gary Unkel, the deal manager on the transaction. “The borrower was well organized and responsive, allowing the transaction to proceed smoothly with the guidance of the ValueXpress underwriting staff in the time frame that was required. The result was another very satisfied CMBS conduit borrower.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $5.2-Million CMBS Conduit Loan for the Refinance of a 74-Room Holiday Inn Express Located in Fort Worth, TX

ValueXpress has arranged a $5.2-million CMBS conduit loan for the refinance of a three-story Holiday Inn Express hotel constructed in 2006. The hotel is located in Burleson, Texas, a suburb of Fort Worth. The sponsor will utilize a portion of the cash-out loan proceeds to complete a Property Improvement Plan (PIP) in conjunction with a 10-year franchise license renewal. The property is a Quality Excellence Award winner, a designation that honors hotels that have maintained high standards in product quality, hotel operations and customer satisfaction.

Amenities include a meeting room, exercise room, complimentary breakfast, high-speed internet access, a business center, hot and cold breakfast and an indoor swimming pool. In addition, the property provides a complimentary guest reception Monday through Thursday at which it serves a light selection of food, beer and wine.

“The transaction was challenging as we analyzed the property operating statements and noticed many accounting entries that did not make sense,” noted Jim Brett, head of underwriting at ValueXpress. “We alerted the sponsor, who determined that the accounting professional recording entries was not using the correct expense categories. The person was fired.” A new accountant needed to be hired and the books corrected in time to meet an SBA loan payoff on the third Thursday of the month.

Once the new accountant was hired, ValueXpress walked the accountant through the format required to close the loan. The accountant worked tirelessly to get it done, and the loan closed before the SBA deadline.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $2.8-Million CMBS Conduit Loan for a Single-Tenant Industrial Building in Saint George, UT

ValueXpress obtained a $2.8-million first-mortgage CMBS conduit loan that was utilized to refinance a 102,460-square-foot, single-tenant, light manufacturing building located in the Fort Pierce Industrial Park in Saint George, Utah. The building is 100% occupied and leased to Milliken Inc., a textile manufacturing company.


Milliken Inc., a textile manufacturing company, occupies this building in Saint George, Utah.

“The greatest challenge for any sponsor with a single-tenant asset investment property is establishing the credit worthiness of its tenant, and without a long-term lease in place, it’s a difficult proposition for any lender,” commented Dennis Suh, Vice President of ValueXpress. In this case, we were able to overcome two hurdles by first getting the lender comfortable with the credit of a private company with limited financials and, second, by mitigating the risk on a lease that expires in year four of the loan term. The loan transaction was structured as a 10-year term based on a 20-year amortization schedule. Loan-to-value was 60% and the property provides 2.00x net cash flow DSCR on actual income and expenses.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $6,200,000 CMBS Loan for the Refinance of a 114-Room Holiday Inn Express in Orange City, FL

ValueXpress has arranged a $6.2-million CMBS conduit loan for the refinance of a 114-room Holiday Inn Express and Suites located in Orange City, Florida. The property is a four-story hotel constructed in 2003 and renovated in 2013. The loan provided cash out to the borrower for a future Property Improvement Plan (PIP) to finish conversion of the property to the new franchise-wide mandated Formula Blue prototype. Also, additional cash proceeds were returned to the borrower and were utilized as equity to obtain a construction loan to build a new hotel property.

The property is located just off Interstate 4, halfway between Orlando and Daytona Beach. The hotel provides easy access to many local attractions -- the Central Florida Zoo, historic downtown Deland, Orlando International Airport and historic Blue Springs Park. In addition the hotel is just 24 miles from Daytona Beach, home of the Daytona 500 and the Coke Zero 400, as well as the famous Daytona Beach itself.

“The transaction’s main challenge centered around the loan structure required to ensure that funds were available to complete the Formula Blue PIP that is not required to be fully implemented until 2022,” commented Gary Unkel, Senior Loan Originator at ValueXpress, who handled the transaction. “We had a difficult time convincing the lender to create a reserve for the Formula Blue program at a lower-than-customary amount because much of the work had been completed,” explained Charles Lobetti, an originator in ValueXpress’s Nashville office who assisted Gary on the transaction. “But after several calls with the franchisor, we worked out the details and arranged a compromise with the borrower and lender that satisfied both parties.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains a $7-Million CMBS Conduit Loan for a Portfolio of Dollar General Stores

ValueXpress has arranged a $7,005,000 CMBS conduit loan for the purchase of a portfolio of 7 retail properties net-leased to Dollar General for an initial term of 15 years with five 5-year renewal options thereafter. The purchase was part of a successful 1031 tax-deferred exchange for the sponsor. The transaction was structured in two parts: an initial funding of $5,955,000 secured by six of the properties and a $1,050,000 subsequent funding on completion of construction of the seventh property. Six of the properties are located in small communities throughout Tennessee, while the seventh property is located in Enterprise, Alabama.

The key to the transaction is new 15-year leases at each Dollar General location. This lease structure is superior to the 10-year leases offered by Dollar Tree and Family Dollar, Dollar General competitors, and allowed for a 10-year loan term and a 25-year amortization schedule for the subject loan. The 5 years remaining on the leases at loan maturity will likely be long enough for the sponsor to obtain recourse community bank financing to pay off the CMBS conduit loan financing at maturity in 10 years.

“The sponsor was very happy with the loan execution,” commented Gary Unkel, Senior Loan Originator at ValueXpress. “The sponsor was concerned that with multiple properties and locations, the logistics of the financing would not allow for closing prior to the 1031 expiration, but we got it done.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $4-Million CMBS Conduit Loan for Hastings Self-Storage in Westchester County, NY

ValueXpress obtained a $4-million CMBS conduit loan to refinance a $3-million CMBS conduit loan that ValueXpress provided to the sponsor ten years ago. The property, Hastings Self-Storage, is located on the west side of Saw Mill River Road, just south of Farragut Avenue in the village of Hastings-on-Hudson, New York. The building, built in 2001, is a five-story, elevator and climate controlled self-storage facility containing 52,000 square feet of gross building area; the net rentable area is 35,515 square feet of storage space. There are 435 rentable units total that range in sizes from 4.5’ x 4.5’ to 10’ x 25’ bins. The transaction was structured with a 10-year term and a 25-year amortization schedule.

“The sponsor initially selected an insurance company to refinance the property but the transaction was turned down,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “This consumed precious time, and I was engaged three weeks before the existing CMBS loan matured. We went to work quickly and obtained a 15-day extension and closed the loan. Most important, we locked the rate in advance of a Fed report and secured an attractive rate.” The rate was substantially less than the prior coupon such that loan payments are nearly the same despite borrowing an additional $1 million.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $3.7-Million CMBS Conduit Loan for a Class A Office Building Located in Boca Raton, FL

ValueXpress obtained a $3.7-million first-mortgage loan that was utilized to refinance existing debt secured by a 25,400-square-foot multi-tenant office building located in Boca Raton, Florida. The property, constructed in 2006, is currently 87% occupied by 16 tenants, primarily local professional firms. The exterior of the building is white stucco and glass, and it provides covered tenant and visitor parking under the structure.

The property is located on North Federal Highway (also known a Route 1) in Boca Raton, with immediate access to points north and south via I-95, one-quarter mile west of the property. Furthermore, the property is located on the 79th Street canal. Many of the offices have water views of the Intracoastal waterway, including the magnificent boats and restaurants on the water.

“The transaction had its challenges,” noted Gary Unkel, the ValueXpress originator on the transaction. “The tenant leases are very short, some only year-to-year, and some of tenants at the property did not match the business names on the leases. I worked with the sponsor to get these matters cleared up and convinced the chief credit officer that the outstanding location will always provide strong demand for space at the property.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $15,470,000 CMBS Loan for a Hilton Garden Inn located in West Virginia

ValueXpress arranged financing for a select-service interior-corridor hotel constructed in 2009 located in Morgantown, West Virginia. The transaction was structured with a 10-year, fixed-rate term based on a 25-year amortization schedule. The property, owned by Mountain West Hospitality LLC, is located in the city of Morgantown. The Hilton Garden – Morgantown is located two miles from I-79 and I-68, five miles south of the Pennsylvania border. The property, part of the Suncrest Towne Center retail center, is located at the intersection of State Route 705 and Stewartstown Road in close proximity to West Virginia University's main campus and centrally located within the market.

The transaction was complicated by a property bankruptcy, contractor liens in excess of $1.5 million from cost overruns on the original construction and litigation involving the sponsor and a large commercial bank related to another asset owned by the sponsor.

“This transaction had it all,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “It’s not uncommon to have some hair on a CMBS deal, but these three major issues took hard work, creative thinking and perseverance to solve to be able to complete this transaction.”

At closing, the bankruptcy was cleared, the contractors paid (most paid without discount) and the sponsor settled the bank litigation.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $3-Million CMBS Conduit Loan for the Purchase of a 64-Room Best Western Inn & Suites Located at Cleveland, OH Airport

ValueXpress arranged a $3-million CMBS conduit first-mortgage loan utilized to purchase a 64-room Best Western Inn & Suites located at the Cleveland, Ohio Airport. The property was constructed in 1997 and renovated in 2014.

The Best Western Cleveland Airport is located 20 minutes from Downtown Cleveland in proximity to many diverse business generators, including IX Convention Center, General Motors Plant, Ford Motor Company, NASA Research Center and Cleveland Zoo. Cleveland is the home of LeBron James and the Rock and Roll Hall of Fame, both of which also draw visitors to the area.

The property is three stories, interior corridor with 51 rooms and 13 suites. It has an indoor pool, business center, ice machine, dry clean valet service, as well as free amenities such as breakfast, Wi-Fi, safety deposit box, and newspaper. The hotel has the following room amenities: flat-screen TV, clock radio, table and chair, hair dryer, iron/ironing board, direct dial phone, coffee maker, microwave, refrigerator.

“The sponsor is a long-time client of ValueXpress as this is the fourth transaction completed over the past 24 months. It was imperative that the transaction close without a hitch to maintain this very important relationship,” said Michael D. Sneden, Executive Vice President of ValueXpress. “I am thankful our investment banking partner performed so well on yet-another transaction.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $15-Million CMBS Conduit Loan for the Refinance of the Ambridge Regional Distribution and Manufacturing Center in Ambridge (Pittsburgh), PA

ValueXpress has arranged a $15-million CMBS conduit loan for the refinance of a 1-million-square-foot warehouse and light manufacturing industrial park located in Ambridge, PA, 15 miles north of Pittsburgh. The property features 22 buildings that were constructed in stages between 1920 and 1968. In 1991, two new buildings of 20,000 square feet and 11,000 square feet, respectively, were built.

The property was acquired by the owner in June 1988 with the objective of undertaking a major physical renovation and conversion to a multiple-tenant warehouse and industrial park. The property was significantly underperforming at acquisition with occupancy of 32%. The sponsor has invested over $11 million in the project to bring occupancy close to 80% and increase revenue from $1 million annually to over $4 million. In recent years, the economic benefit from natural gas fracking has created increased activity in the Pittsburgh market and for the subject property. For example, Shell purchased a site within 10 miles of the Ambridge Regional Center as the company evaluates constructing a multi-billion-dollar ethylene cracker at the site.

The transaction was structured with a 10-year term and a 20-year amortization schedule. The loan proceeds provided a substantial return of equity to the sponsor, reflecting the substantial value that has been created in the project. In addition, the loan features a very attractive interest rate in the mid-4% area.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $3-Million CMBS Conduit Loan for a Shopping Center in Hiram, GA

ValueXpress obtained a $3-million first-mortgage CMBS conduit loan that was utilized to acquire a 54,450-square-foot shopping center located on Jimmy Lee Smith Parkway in Hiram, Georgia. The property is currently 94% occupied by 10 tenants and in excellent condition. The property was constructed in 2001 and consists of two one-story buildings and is anchored by Office Max.

The asset was real estate owned and sold by Torchlight, the asset manager, through an auction process to the Sponsor. “One of the many challenges that any Sponsor faces when bidding at an auction is the limited time to undergo due diligence and underwrite the asset,” commented Dennis Suh, Vice President of ValueXpress. “These contracts can be incredibly one-sided and do not contain financing contingencies clauses.”

In this case after underwriting the loan, the Lender revealed that Office Max had an open termination right; however, the Sponsor was able to overcome this challenge by successfully negotiating a waiver with Office Max that was facilitated by ValueXpress, the management company, and the seller.

The loan transaction was structured as a 10-year term based on a 30-year amortization schedule. Loan-to-value was 75% and the property provides 1.50x net cash flow DSCR on actual income and expenses.

“We were able to get the transaction completed by properly structuring the loan to include a special Office Max Reserve to account for a potential store closure,” said Matt Hayes, a Commercial Capital Training Group graduate, and President of Commercial Capital Financial, the mortgage broker on the transaction.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $1,750,000 SBA 7(a) Loan Secured by a 57-Room Super 8 Hotel in Clinton, MS

ValueXpress has obtained a $1,750,000 SBA 7(a) loan for Hospitality Solutions, Inc., secured by a 2-story, 57-room limited-service franchised hotel operating under the Super 8 franchise. The property was constructed in 2002. The loan allowed the existing 50% owner of the hotel to purchase the remaining 50% ownership position from his partner. In addition, the loan provided capital to complete upgrades to the hotel.

The loan was underwritten by ValueXpress on behalf of a local community bank located in Vicksburg, Mississippi. ValueXpress processed the loan through the national SBA 7(a) office located in Hazard, Kentucky and obtained a 75% guarantee on behalf of the community bank.

“The property owner is a good client of mine,” commented Jay Bhakta, Senior Loan Originator at ValueXpress. “In addition, I have a long-standing relationship with the community bank that will provide the loan. I knew the SBA 7(a) program would be a good fit for both.”

However, the community bank did not have extensive experience in the origination, processing and closing of SBA 7(a) loans, so ValueXpress obtained the SBA Authorization (guaranty) on behalf of the community bank. ValueXpress has done this for a number of community bankers throughout the United States.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $30-Million CMBS Conduit Loan for the Refinance of a Portfolio of Six Hotels in the Southeast

ValueXpress has arranged a $30-million CMBS conduit loan for a portfolio of six hotels located in the Southeast. The portfolio consists of four limited-service hotels, one select service hotel and one extended-stay hotel. The properties range in size from 75 to 100 rooms. The hotels operate under a variety of franchises, including InterContinental Hotels Group and Choice Hotels International. The loan was crossed-collateralized to maximize the return-of-equity proceeds to the borrower.

“The transaction was a challenge in that the return of equity -- a fancy name for cash-out -- was in excess of $10 million, more than one-third of the loan amount,” commented Michael D. Sneden, Executive Vice President of ValueXpress. “The CMBS market is skittish on cash-out transactions of this magnitude, so we doubled our efforts to convince all parties of the merits of the transaction, and we got it closed.”

The sponsor was integral to the success of the transaction. Underwriting and closing on six properties simultaneously is a tremendous undertaking, but the sponsor was well-organized and maintained a positive attitude through the process, even requesting daily status calls among the loan participants during the week before closing.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $3.1-Million CMBS Conduit Loan for the Refinance of a Walgreens Drugstore in Vermont

ValueXpress has arranged a $3.1-million CMBS conduit loan for the refinance of a free-standing Walgreens located at 476 Canal Street in Brattleboro, Vermont. The transaction paid off an existing CMBS conduit loan that was set to mature in December. ValueXpress arranged the loan to close early in the open prepayment period to capture an attractive interest rate.

“The transaction was a challenge as the location reported declining sales over time. A competing drugstore, Brattleboro Pharmacy, opened up directly across the street from the Walgreens a few years ago and was the only new competition in the market for many years,” commented Michael D. Sneden, Executive Vice President of ValueXpress. “The new store was successfully siphoning business away from the Walgreens.”

“We were able to get the transaction completed by properly structuring the loan to include a full cash flow sweep of the tenant rent to pay down the loan in the event that tenant sales fall below prescribed levels,” said Lawler Rodgers, a Commercial Capital Training Group graduate and President of Rockfish Funding, the mortgage broker on the transaction. This transaction represents the fourth deal that Lawler has completed with ValueXpress.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges a $28-Million CMBS Conduit Loan for the Refinance of an 8 Building Office Suite Portfolio in Indianapolis, IN and Dallas, TX

ValueXpress has arranged a $28-million CMBS conduit loan for the refinance of an eight building office suite portfolio located in Indianapolis, Indiana and Frisco (Dallas), Texas. The transaction provided significant cash-out loan proceeds to allow the sponsor, Scott Yeager, to continue to grow the portfolio by utilizing the excess loan proceeds as construction loan equity to build additional projects under the Yeager Office Suites brand. The next project will be located in Plano, Texas. Scott is eying the Phoenix market for additional Yeager Office Suites projects. The portfolio was 100% occupied at closing.


Yeager Office Suites – Frisco, TX


Yeager Office Suites – Greenwood, IN

Nationally, firms have developed the office suite concept by developing entire space-purposed suite buildings or by developing leased block space in which the operator builds out block space into suite spaces and associated amenities, then subleases the individual suite offices. These firms make spread income between the total rents collected from the suites versus the rent paid to the landlord for the block space. Scott Yeager and Yeager Office Suites is one of few developers that has elected to develop and own suite space-purposed buildings.

The loan provides for a 10-year term with a 30-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.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $5.3-Million CMBS Conduit Loan for the Refinance of 80-Room Holiday Inn Express in Tucumcari, N.M.

ValueXpress has arranged a $5.3-million CMBS conduit loan for the refinance of a three-story Holiday Inn Express hotel constructed to Holiday Inn Express brand standards in 2007. The hotel is located in Tucumcari, New Mexico. Tucumcari is located on I-40 (historic Route 66), midway between Amarillo, Texas and Albuquerque, New Mexico.

The property features a host of complimentary amenities, such as guest laundry services, a fitness center with TV and high-speed wireless Internet access. For active guests, the property features an indoor pool and a game room, with basketball and a pool table.

The property is in close proximity to Mesalands Community College and the New Mexico State University Agricultural-Science Center. Local attractions surrounding the hotel include the Mesalands Dinosaur Museum, the Tucumcari Historical Museum and Ute Lake State Park. The hotel is also minutes from the historic downtown area, convenient to the Tucumcari Convention Center and the Tucumcari Municipal Airport.

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. The loan provided cash equity proceeds to the sponsor after payoff of the prior loan that is expected to be reinvested in another hospitality project.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $7,150,000 CMBS Conduit Loan for the Refinance of Two Drugstores in New Jersey and North Carolina

ValueXpress has arranged a $7.15-million CMBS conduit loan for the refinance of two free-standing drugstores, a Walgreens located in Glendora, N.J. and a Rite Aid located in Whiteville, N.C. Since the properties were under common ownership, the loan was made to two separate entities, but was cross collateralized.

The Rite Aid, located at 1728 S. Madison Avenue, Whiteville, North Carolina, began its life in 2004 as an Eckerd Drug Store. Rite Aid purchased Eckerd Drug Stores in June 2006 and rebranded the stores that it kept (such as this Whiteville store, while some stores were sold to CVS) to Rite Aid and this location remains a Rite Aid today.

The second store is a Walgreens located at 1301 Black Horse Pike, Glendora, New Jersey.

“The transaction was a challenge as both locations reported declining sales over time. Both have been affected by newer competition from Walmart and Sam’s Club,” commented Michael D. Sneden, Executive Vice President of ValueXpress.

“We were able to get the transaction completed by properly structuring the loan to include a full cash flow sweep of the tenant rent to pay down the loan in the event that tenant sales fall below prescribed levels,” said Lawler Rodgers, a Commercial Capital Training Group graduate and President of Rockfish Funding, the mortgage broker on the transaction. This transaction represents the third deal that Lawler has completed with ValueXpress, and a fourth deal is approved and ready to be funded in the beginning of September.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $4-Million CMBS Conduit Loan for the Refinance of an 80-Room Holiday Inn Express and Suites Hotel in Canton, MS

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.

Holiday Inn Express – Canton, MS

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.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $13.6-Million CMBS Conduit Loan for a Neighborhood Shopping Center in Charleston, WV

ValueXpress obtained a $13.6-million first-mortgage CMBS conduit loan that was utilized to refinance existing debt secured by a one-story, 210,000-square-foot community shopping center located on I-79 near Charleston, West Virginia. The property is currently 92% occupied by 21 tenants. The property was constructed in 1989 and expanded/renovated in 1999, 2007, 2010 and 2011. It is in excellent condition.

"One of the interesting things about real estate in West Virginia is barrier to entry, and not due to availability of land," commented Michael D. Sneden, Executive Vice President of ValueXpress. "It's about mountains. There is very little level land in the desirable areas of West Virginia for real estate development. The sponsor basically blasted the mountains at a desirable I-79 intersection to create a level 30-acre site to build this center. As a result, the center has been historically well occupied."

The loan transaction was structured as a 10-year term based on a 30-year amortization schedule. Loan-to-value was 75% and the property provides 1.30x net cash flow DSCR on actual income and expenses.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

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.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $5,950,000 CMBS Conduit Loan for the Refinance of a 75-Room Holiday Inn Express and Suites Hotel Located in Guymon, OK

ValueXpress has arranged a $5,950,000 CMBS conduit loan for the refinance of a 75-room Holiday Inn Express and Suites located in Guymon, Oklahoma. The property is a 4-story hotel that was constructed in 2009. The loan provided for cash-out proceeds for a Property Improvement Plan (PIP) in conjunction with a 15-year franchise license extension. In addition, the loan provided significant cash equity return to the owners.

The property is located in the northwest section of the state of Oklahoma, approximately 250 miles from Oklahoma City and 120 miles from Amarillo, Texas. Guymon is the county seat for Texas County, Oklahoma. The local economy is dominated by farming, cattle and pork, but it had grown recently through development of wind energy production and natural gas transmission.

The hotel is in proximity to major employers, including Seaboard Foods, Hitch Enterprises, Guymon Extracts, Mathis Oil Company and K & J Trucking. The hotel features a business center, free wireless internet, an indoor swimming pool, exercise room and a free full hot breakfast buffet.

“The transaction was challenging in that the CMBS market has become more conservative toward loans with large cash-out in small markets. We were able to build a strong case around sponsorship, as the subject property has been self-managed by one of the principal owners for its entire 10-year life and the owner lives locally,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “This carried a lot of weight during the loan approval process.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $4.54-Million CMBS Conduit Loan for the Refinance of a 63-Room Country Inn & Suites in Pensacola, FL

ValueXpress has arranged a $4,536,000 CMBS conduit loan for the refinance of a 63-Room Country Inn & Suites in Pensacola, FL. The property is a 4-story, 63-room Inn & Suites constructed in 2008.

The property is located adjacent to Interstate 10, which leads from Mobile, Alabama to the West and Tallahassee to the East. The property is minutes away from Pensacola beaches. The property is a two-time TripAdvisor Certificate of Excellence award winner. Amenities include free high-speed Internet access and an indoor swimming pool. Guests are treated to the hotel’s complimentary, hot “Be Our Guest Breakfast” program.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $9.1-Million CMBS Conduit Loan for the Refinance of 104-Room Holiday Inn Express in North Scottsdale (Phoenix), AZ

ValueXpress has arranged a $9.1-million CMBS conduit loan for the refinance of a 104-room interior corridor limited-service hotel constructed in 2013 located in the North Scottsdale market of Phoenix, Arizona. The property is part of the “Desert Ridge” master-planned commercial area that encompasses 5,700 acres of land to be developed into commercial, retail and housing. The area is experiencing substantial growth and construction is expected to last for many years.


Holiday Inn Express – N. Scottsdale/Desert Ridge

The area is anchored by the Mayo Clinic, the first and largest integrated nonprofit medical group practice in the world. The Clinic employs more than 3,800 physicians and scientists and 50,900 allied health staff. The hotel is also proximate to numerous other demand generators, the JW Marriott Resort and Spa, Desert Ridge Marketplace with over 110 retailers and restaurants, Scottsdale Sports Complex and Scottsdale Municipal Airport.

“The loan was a challenge as the property is encumbered by both a land lease that has a remaining term of 78 years and two commercial condominium regimes created for the maintenance of the common areas within the master planned community,” explained Jay Bhakta, a Senior Loan Originator at the ValueXpress Jackson, Mississippi office and 15-year ValueXpress veteran. “This required close interaction with the State of Arizona as owner of the land and the condominium associations to obtain required CMBS documentation to close the loan.”

“In addition, the loan provided significant return of equity to the borrowers during a period in the CMBS market where investors have become concerned about large cash-out refinancings,” noted Michael D. Sneden, Executive Vice President at ValueXpress. “However, we were able to sell the merits of the transaction and preserve the full amount of the equity return to the borrowers at closing.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $3.15-Million SBA 504 Loan for the Purchase of a 16,000 SF Industrial Building in Brooklyn, NY

ValueXpress has arranged a $3.15-million SBA 504 loan for the purchase of a 16,187-square-foot industrial building located in the East Flatbush neighborhood of Brooklyn, New York. The building was constructed in 1930 and is situated on a 0.334-acre site. The clear height of the warehouse space is 18 feet and the office square footage approximates 17% of the building. Currently, the property is 100% owner-occupied by Persam Import/Export Corporation. Persam buys used clothing from charities such as St. Vincent DePaul and either exports the clothing to South American countries or retails the clothing in vintage stores or thrift stores owned by affiliated companies. The borrowers own and operate 14 retail stores in Brooklyn and Manhattan and one retail location in Long Island.


319-321 Clarkson Ave, Brooklyn, NY

The first mortgage loan in the amount of $1.75 million was provided by Country Bank, an affiliate of ValueXpress. An SBA 504 second mortgage in the amount of $1.4 million will be provided by the New York Business Development Corporation (NYBDC). Total financing represents 90% of the $3.5-million purchase price.

Gary Unkel, Senior Loan Originator for ValueXpress, originated the loan on behalf of this long-time client. Unkel commented, “This is the eighth financing that I have obtained for this client and I look forward to providing for additional financing needs in the future.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

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.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $4.8-Million CMBS Conduit Loan for the Refinance of a 67-Room LaQuinta Inn & Suites in Brandon, MS

ValueXpress has arranged a $4.8-million CMBS conduit loan for the refinance of a LaQuinta Inn & Suites constructed in 2008 in Brandon (Jackson), Mississippi. The property, a 3-story, 67-room interior-corridor hotel, is constructed by the sponsors to LaQuinta Inn & Suites brand standards. The property features 51 standard rooms and 16 suites. The property was named a 2013 TripAdvisor Certificate of Excellence award winner.

The property is a three-story, interior-corridor wood structure with a stucco veneer exterior and a southwestern-style pitched tile roof system with a porte-cochere entry. Amenities include a meeting room, exercise room, complimentary breakfast, high-speed internet access, a business center and an outdoor swimming pool and spa.

The La Quinta Inn & Suites Grand Brandon/Jackson Airport sits 2 miles from Jackson International Airport. The property is surrounded by shopping and dining for tourists looking for those amenities. For business travelers, the property is located in proximity to many local companies.

"I have known Jay Bhakta for a very long time and always looked forward to the day we could work together on a deal," said Manny Patel, owner of the property. "Jay immediately came to my property to help me with my documentation, while Jim Brett in New York handled all the third-party vendors and interaction with the lender. It really was a team effort from ValueXpress."

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.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $5.7-Million CMBS Conduit Loan for a 240-Unit Apartment Complex in Houston, TX

ValueXpress obtained a $5.7-million first-mortgage loan that was utilized to refinance Sago Palms Apartments, a 240-unit apartment community located in Houston, Texas. The complex was built in 1980 and was over 90% occupied at loan closing. The property is located in north Houston, in proximity to I-45 and 10 miles from George Bush Intercontinental Airport. Furthermore, the property is within close proximity to over 2.5 million square feet of new Class “A” office developments and 6.5 million square feet of new Class “A” industrial developments.

The sponsor purchased the property in 2013 and improved revenue through the continuation of an interior and exterior upgrade program commenced by the prior owner. The property features a variety of desirable one- and two-bedroom floor plans with unit sizes ranging from 552 square feet to 1,056 square feet.

“This turned out to be a very rewarding transaction,” commented Gary Unkel, Senior Loan Originator at ValueXpress for this transaction. “Loan spreads were moving up, so the lender shortened the closing time frame and held any spread adjustments to a minimum, resulting in an interest rate at closing that was not significantly different than the level in the Term Sheet. This was our first transaction with this lending partner, and based on the positive experience, we expect to do much more business with them.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $6,650,000 CMBS Conduit Loan for a 92-Room Hilton Garden Inn Located in Chesapeake, VA

ValueXpress obtained a $6.65-million first-mortgage loan that was utilized to refinance an existing maturing CMBS conduit loan secured by a 92-room Hilton Garden Inn located in Chesapeake, Virginia. The four-story hotel was constructed to the Hilton Garden prototype in 2003.

The hotel is located in the Greenbrier Business Park, ten miles from Norfolk International Airport. The Greenbrier Mall is nearby as well as several restaurants within walking distance. The hotel is proximate to businesses such as Lockheed Martin, Volvo Penta and Oracle.


Hilton Garden Inn – Chesapeake, VA

"The transaction had its challenges," noted Michael D. Sneden, Executive Vice President of ValueXpress. "The property recorded net cash flow below 1.0x on the proposed loan amount during 2009 and 2010, so investors in the CMBS deal had to be educated on the sponsor, market and property in order for the loan to be approved.” Furthermore, in 2014, due to unusually cold weather, a fire sprinkler system pipe burst in the hotel attic, flooding the floors below over most of the hotel. The flood caused $1.4 million of damage and resulted in limited hotel operating data for the first half of 2014.

The loan was set to mature on March 1st, so it was critical that the loan be approved and funded prior to February 5th in order for the sponsor to avoid extra fees of about $35,000 in additional interest for February. The loan was approved and funded in time to avoid these additional charges.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $4.8-Million CMBS Conduit Loan for Neighborhood Shopping Center Located in Mansfield, Warren County, NJ

ValueXpress obtained a $4.8-million first-mortgage loan that was utilized to refinance existing debt secured by a 28,000-square-foot neighborhood shopping center located in Mansfield Township, Warren County, New Jersey. The property is currently 100% occupied by 12 tenants and is anchored by an AT&T wireless store. The property was constructed in 2009 and is in excellent condition. The loan transaction was structured as a 10-year term based on a 30-year amortization schedule. Loan-to-value was 70% and the property provides 1.30x net cash flow DSCR on actual income and expenses.

"The transaction had its challenges," noted Michael D. Sneden, Executive Vice President of ValueXpress. "But the sponsor was relentless. I have never worked on a transaction in which the sponsor was as tenacious at solving issues. On many transactions I am proud of the value we add to the deal, but not on this one: It closed because the sponsor simply would not give up."

Two of the more acute issues were an encroachment by a neighboring property onto the subject property. The good news is the sponsor was part owner of the neighboring property. The bad news was he did not get along with the other partners. After a battle, the parties agreed to swap interests in other assets in a complicated transaction that provided the sponsor with 100% ownership of the encroaching parcel, but at a heavy cost.

Then the current lender, a community bank, had an option to acquire an interest in the borrower. The new CMBS conduit lender was okay with a community bank becoming a partner in the borrower, but the community bank wanted to be able to transfer the option to a third party without the conduit lender's consent. The conduit lender said “no” (You could, in theory, transfer it to a criminal!). After much sabre rattling, the sponsor got the community bank to relent at the 11th hour.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $5-Million CMBS Conduit Loan for the Refinance of a 54-Room Hampton Inn Hotel in Portland (Corpus Christi), TX

ValueXpress has arranged a $5-million CMBS conduit loan for the refinance of the Hampton Inn – Portland, Texas. The three-story hotel was constructed in 2001. The property is located in Portland, a rapidly growing suburb 12 miles from Corpus Christi, Texas on Highway 181.

The property provides numerous amenities, including complimentary hot breakfast, outdoor pool, fitness room, flat-screen TVs, free high-speed wireless internet and micro-fridge/microwaves in every guest room. The hotel received the 2015 TripAdvisor Certificate of Excellence Award. This honor is awarded to establishments that achieve outstanding traveler reviews on TripAdvisor, the world’s largest travel site.

The property is in proximity to the largest demand driver in the region – oil refining. The property is located near the booming oil refineries operating in Corpus Christi. Despite a concern regarding the drop in oil prices, Corpus Christi refineries are running at 92% of capacity, while the Texas Gulf Coast is operating at 94.4%. These levels are near the peaks experienced in 2006, before the financial crisis, and they suggest that expansions and other projects to at least marginally increase production will be pursued. In addition, dollars will be spent to ensure refineries stay on line as it has also been reported that refining profitability is up. These elements have combined to keep hotel demand in Corpus Christi growing despite the decline in oil prices.

The transaction provided a significant return of equity to the sponsor, in addition to providing funds for Property Improvement Plan (PIP) requirements should the property remain a Hampton Inn at franchise expiration in 2019. Alternatively, the loan proceeds provides flexibility to convert to another franchise brand at the election of the sponsor.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $3.2-Million CMBS Conduit Loan for the Refinance of a 55-Room Best Western Hotel in Lake Charles, LA

ValueXpress has arranged a $3.2-million CMBS conduit loan for the refinance of the Best Western Bayou Inn & Suites hotel that was constructed in 2000. The two-story property is located off Interstate 10 at Exit 33 in Lake Charles, Louisiana.

Lake Charles has grown with the onset of the petrochemical refining industries. Several petrochemical plants and an oil refinery are located nearby along the Calcasieu Ship Channel. Turner Industries, Axiall, and Citgo each employ over a thousand engineers. The Trunkline LNG terminal, immediately southwest of Lake Charles, is one of the few liquified natural gas terminals in the United States. In addition, the local economy is fueled by the gaming, manufacturing and aviation maintenance industries. Lake Charles has the biggest casino market in the state of Louisiana. The L'Auberge du Lac Casino Resort is a 26-story hotel in Lake Charles. It has nearly 1,000 guest rooms as well as a casino, golf course, spa and meeting center. A second casino, the Golden Nugget Lake Charles, opened in late 2014 next to L'Auberge du Lac. The casino resort has more than 740 guest rooms, a casino, golf course, meeting space, retail corridor and a private beach and marina.

The property was previously operated under a different franchise brand. The owner struggled and the property was foreclosed. The sponsors purchased the property from the bank and converted the hotel to a Best Western. In conjunction with the hotel conversion to the Best Western brand affiliation, a Property Improvement Plan was completed. Work included new landscaping, pool improvements, additional exterior lighting, new lobby seating, renovation of public restrooms and new stairway flooring. In addition, rooms were fitted with new carpet, bath tile, lighting and mirrors.

The new CMBS conduit 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 excess equity resulting from the cash flow improvements under the Best Western franchise. Financing was provided by an active CMBS conduit lender that has an ongoing relationship with ValueXpress to arrange additional CMBS conduit loans.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges an $8.7-Million CMBS Conduit Loan for the Refinance of a 74-Room Comfort Inn & Suites in Beaumont, TX and a 56-Room LaQuinta Inn & Suites in Lumberton, NC

ValueXpress has arranged an $8.7-million CMBS conduit loan for the refinance of a four-story Comfort Inn & Suites hotel constructed in 2008 and a four-story LaQuinta Inn and Suites constructed in 2009. The loan provided an opportunity for the sponsor to pay off three loans, two of which were held by Wells Fargo and Cathy Bank and the third held by the SBA. The new loan features a lower monthly payment based on its lower interest rate (sub-5%) and longer amortization period (25 years), even though the transaction provided a $1.2-million equity return to the sponsor.

The LaQuinta property is located adjacent to I-95, the major interstate highway that stretches from Maine to Florida along the East Coast. North Carolina and Lumberton are approximately midway between New York and Florida, and the property provides for substantial leisure demand from interstate travelers during the summer months.

The Comfort Inn & Suites in Beaumont serves an entirely different market demand. Beaumont is home to some of the largest oil refineries in North America. As such, the hotel provides for corporate demand related to oil refining. With the substantial decline in the price of oil, refineries are operating at nearly 100% capacity to provide for the increased driving demand in the United States as a result of lower gasoline prices.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges a $4-Million CMBS Conduit Loan for the Refinance of an 80-Room Hampton Inn & Suites Located in Canton, MS

ValueXpress has arranged a $4-million CMBS conduit loan for the refinance of a four-story Hampton Inn hotel constructed in 2004. The loan provided an opportunity for the sponsor to consolidate a prior first and second mortgage held by a local community bank into a non-recourse first mortgage. The new loan features a lower monthly payment based on its lower interest rate and longer amortization period (25 years).

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. In addition, the plant produces the Nissan Altima passenger car and Nissan Murano crossover vehicle.

The hotel was constructed to the most recent Hampton Inn prototype and features studio and one-bedroom suites in addition to standard guest rooms. Every room has either a king bed or two queen beds. The hotel provides a complimentary hot breakfast or an “On the Run” breakfast bag. Additional amenities include free Wi-Fi, business center and in-room refrigerators and microwaves.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $5-Million CMBS Conduit Loan for a Retail Power Center in Dover, DE for Client of CCTG Grad

ValueXpress has arranged a $5,000,000 CMBS conduit loan for the refinance of Dover Downs Shopping Center, a 95,717-square-foot power center located at 1165 North DuPont Highway (Route 13) in Dover, Delaware. Route 13 is the primary retail/commercial corridor serving Dover, the second-largest city in Delaware with a population of approximately 37,000 and growing. The center was constructed in 1993 and is 100% occupied. The property is anchored by Best Buy, Michaels and Ashley Furniture. The loan refinanced an existing CMBS conduit loan that was scheduled to mature in January 2016.

The property was originally occupied by Lowe’s Home Improvements, which relocated. The property was rezoned from C-4 to SC-1 to allow the property to be redeveloped into a multi-tenant power center that included the construction of the Best Buy space in what was the former Lowe’s garden center. The former owner, Dover Downs, Inc., completed the redevelopment and re-leasing and then sold the property to our borrower, Millers Dover Downs, LLC.

The transaction was originated by Lawler Rogers, a CCTG graduate who partnered with ValueXpress to complete the transaction. The deal was completed within 45 days and closed on time, such that the borrower avoided paying double interest on the new and existing loans. This loan was a follow-on to the Tally Ho Shopping Center loan that closed the previous week.

“The transaction proceeded smoothly thanks to the skills that the team members brought to the table, starting with borrower Sharon Miller,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “Sharon asked ‘what do I need to do’ and completed all her work with a great attitude.” The transaction was underwritten by Jim Brett, head of underwriting at ValueXpress. The team was assisted by Robert Wittig, the property and leasing manager who pulled together market information and managed the survey process. Finally, the closing was completed on time by Julie Panaro of the Panaro Law Group.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $9-Million CMBS Conduit Loan for a Neighborhood Shopping Center in Wilmington, DE for Client of CCTG Grad

ValueXpress has arranged a $9,000,000 CMBS conduit loan for the refinance of Tally Ho Shopping Center, a 25,100-square-foot neighborhood shopping center anchored by a Bank of America banking center that is leased until 2030. The property is located at the corner of Naamans Road and Concord Pike in Wilmington, Delaware, a heavily trafficked intersection in the Brandywine section of Wilmington. The center is 100% leased to ten tenants, some of which have been located in the center for over 20 years. The transaction refinanced a maturing CMBS conduit loan that was originated ten years ago and provided a return of equity to the borrower.

The transaction was originated by Lawler Rogers, a CCTG graduate who partnered with ValueXpress to complete the transaction. The deal was completed within 45 days and closed on time, such that the borrower avoided paying double interest on the new and existing loan.

“The transaction proceeded smoothly thanks to the skills that the team members brought to the table, starting with borrower Sharon Miller,” commented Michael D. Sneden, Executive Vice President at ValueXpress. Sharon asked ‘what do I need to do’ and completed all her work with a great attitude. The transaction was underwritten by Jim Brett, head of underwriting at ValueXpress. The team was assisted by Robert Wittig, the property and leasing manager who pulled together market information and managed the survey process. Finally, the closing was completed on time by Julie Panaro of the Panaro Law Group.

“The transaction was a classic team effort,” said Sneden. “Part two of the great story will be completed next week when the second deal is closed for Sharon.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $7,340,000 CMBS Conduit Loan for Refinance of a 69-Room Full-Service Holiday Inn Express Located in Rockport, TX

ValueXpress arranged a $7.34-million CMBS conduit first-mortgage loan utilized to refinance a 69-room Holiday Inn Express hotel located in Rockport, Texas. The property was constructed in 2010. The loan returned cash equity to the sponsor and will provide funds to complete a substantial Property Improvement Plan (PIP) that will be completed in conjunction with a new 15-year license extension obtained by the sponsor.

The property, located in the Corpus Christi metropolitan area, provides impressive views of Aransas Bay and the Gulf of Mexico. Local businesses include Pro Build, Kiewit, HEB and Air Logistics, as well as the Paws and Taws Convention Center in Fulton. Recreational activities include Rockport Beach Park's Blue Wave Beach and hiking, biking, picnicking in Goose Island State Park.

Amenities at the hotel include free high-speed wired and wireless internet, complimentary breakfast and a fitness center.

“This is the fourth in a series of five transactions scheduled to close in the next few weeks. Upon successfully closing these transactions, the sponsor has another six transactions that will follow to close before yearend,” said Michael D. Sneden, Executive Vice President of ValueXpress.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $10-Million CMBS Conduit Loan for Refinance of a 237-Room Full-Service Holiday Inn Located at Corpus Christi, TX Airport

ValueXpress arranged a $10-million CMBS conduit first-mortgage loan utilized to refinance a 237-room Holiday Inn Hotel serving Corpus Christi Airport in Corpus Christi, Texas. The property was constructed in 1982 and renovated in 2014-2015. The loan returned cash equity to the sponsor that was used to complete a substantial Property Improvement Plan (PIP) that was just completed in September 2015.

With its close proximity to Corpus Christi International Airport, the hotel is dedicated to serving the needs of business and leisure travelers. The hotel provides an ideal location for leisure travelers as it is near many attractions, including Corpus Christi beaches, American Bank Center, Harbor Playhouse and USS Lexington. Other attractions close to the hotel are the Texas State Aquarium and the Museum of Science and History.

The hotel provides amenities that corporate travelers desire, including a 24-hour business center with high-speed Internet access, copying, printing and a personal computer. The versatile conference center offers a total of 11,000 square feet of space, on-site audio/visual services, superior catering and a detail-oriented staff to ensure successful events.

“This is second in a series of five transactions scheduled to close in the next few weeks. Upon successfully closing these transactions, the sponsor has another six transactions that will follow to close before year-end,” said Michael D. Sneden, Executive Vice President of ValueXpress.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $9,000,000 CMBS Conduit Loan Secured by a 353-Unit Apartment Complex Located in North Charleston, SC

ValueXpress arranged a $9-million CMBS conduit first-mortgage loan on a 353-unit apartment complex with 61 two-story apartment buildings constructed in 1980-1989. The property was approximately 87% occupied at closing. The 10-year, fixed-rate loan was provided to Peppertree I LLC.

The property is located on Dorchester Road in northwestern metropolitan Charleston, South Carolina. The neighborhood consists of a mixture of commercial and residential development with retail stores along Dorchester Road. A major link between the Summerville area and Charleston, Dorchester Road also provides access to a U.S. Air Force base and Charleston International Airport.

Boeing Aerospace, the Seattle-based aerospace giant, recently rolled out its first completed aircraft -- the widely anticipated 787 Dreamliner -- from its North Charleston plant, which is located within 2 miles of the apartment complex. The Boeing Charleston Factory is the East Coast manufacturing, assembly and delivery site for Boeing Commercial Aircraft. The site, which contains 1.2 million square feet and was completed in 2011, is located adjacent to the Charleston Air Force Base/Charleston International Airport.

“The transaction was challenging in that the property was a matured CMBS conduit loan and the special servicer was putting substantial pressure on the borrower to close,” commented Jim Brett, the ValueXpress underwriter on the transaction. “We had to process the loan quickly, and when the special servicer demanded $500,000 in late fees and default interest right before closing, we stepped in and helped with negotiations.”

“The sponsor is a long-time client of ValueXpress and it was imperative that the transaction close without a hitch to maintain this very important relationship,” said Michael D. Sneden, Executive Vice President of ValueXpress. “I am thankful our investment banking partner performed so well on yet-another transaction.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $6-Million CMBS Conduit Loan for the Refinance of 67-Room Hampton Inn Located in Clute, TX

ValueXpress has arranged a $6-million CMBS conduit loan for the refinance of a three-story Hampton Inn hotel constructed in 2008 located in Clute/Lake Jackson, Texas. The property was constructed to latest Hampton Inn brand standards. Creating a modernized look, these new construction standards include contemporary bathrooms with a clean, white design, as well as movable desks and ottomans. Power outlets are repositioned for staying connected, and rooms offer streamlined case goods like a mini-fridge and wire baskets for storage.

The hotel is located on Highway 288/332 within easy reach of Surfside Beach and Quintana Beach. Discover Lake Jackson Historical Museum, the Center for the Arts & Sciences, The Clarion Music Performance Center and Dow Centennial Park are all within a 15-minute drive. The hotel is close to local corporations, including BASF, Dow Chemical Company, Freeport, LNG Plants, Dole, Perstorp and Shintech.

“This is the first closing of a portfolio of 12 hotels owned by this group," explained Jay Bhakta, a Senior Loan Originator at the ValueXpress Jackson, Mississippi office and 15-year ValueXpress veteran. "They are being underwritten and closed in batches of 4-5 hotels at a time so as to not overwhelm these hard-working owner-operators. I have now been in Corpus Christi, Portland, Rockport and Clute for nearly three weeks assisting in property diligence. The owners are very grateful for the help.”

The loan provides for a 10-year term with a 20-year amortization schedule and provided a substantial return of excess equity to ownership. Financing was provided by an active CMBS conduit lender that has an ongoing relationship with ValueXpress to arrange additional CMBS conduit loans.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $7,600,000 in CMBS Loans for a Days Inn and Red Roof Inn in Laredo, TX

ValueXpress has arranged a $4.0-million CMBS conduit loan for the refinance of a Red Roof Inn constructed in 2008 and a $3.6-million loan for a Days Inn hotel constructed in 1978 (renovated in 2009-2012); both are located in Laredo, Texas.

The Red Roof – Laredo is a 3-story, 83-room, interior-corridor property that was constructed by the sponsors to Red Roof Inn brand standards. The property offers an outdoor pool, outdoor barbeque and picnic area, lobby workstation, guest laundry facility and vending areas.

The Days Inn – Laredo is a 2-story, 126-room, interior-corridor property that was purchased and gut-renovated by the sponsors. The property offers an outdoor pool, exercise room, outdoor barbeque and picnic area, game room, lobby workstation, guest laundry facilities and vending areas. In addition, the property features a full-service restaurant.

The Days Inn property is located on Interstate 35, which extends to San Antonio to the North and Nuevo Laredo, Mexico to the South. The neighborhood is anchored by Mall Del Norte, a large shopping mall, as well as restaurants, hotels and other retail shopping centers along the primary thoroughfares; residential areas are located along the secondary roadways.

The Red Roof property is located on the southeast side of Laredo. The property is located near a busy intersection and benefits from good visibility from within its local neighborhood.

"The Days Inn transaction was challenging," commented Jay Bhakta, a Senior Loan Originator at the ValueXpress Jackson, Mississippi office and 15-year ValueXpress veteran. "There are no Days Inn hotels in CMBS issues since the market restarted in 2010. We carefully structured the deal with a 15-year amortization and a low LTV and got it approved.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $6,000,000 CMBS Conduit Loan for the Refinance of Upper and Lower Stone Apartments in Bowling Green, KY for CCTG Grad

ValueXpress has arranged a $6-million CMBS conduit loan for the refinance of a 108-unit apartment development located in Bowling Green, Kentucky. Owned locally by three real estate professionals, the project was constructed in 2012-2015. The project is 100% occupied. The loan was originated by Terry Luker, a CCTG graduate who has worked with ValueXpress on a number of CMBS conduit loans.


Lower Stone Apartments, Bowling Green, KY

The transaction allowed for cash-out proceeds to be returned to the sponsors for investment in other opportunities. In addition, the non-recourse feature of the loan allowed for the sponsors to obtain a recourse construction loan to build another apartment community because the CMBS loan reduced the contingent liabilities of the sponsors below the threshold required by the construction lender.

“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, and ValueXpress acts as their back office, getting loans processed and closed quickly, resulting in very happy borrowers.”

“In addition, this transaction highlights two key benefits of CMBS conduit loans, unrestricted cash-out up to 75% LTV and no personal guarantees,” said Sneden.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains a $3.5-Million CMBS Conduit Loan for a 66-Room Holiday Inn Express Located in Dayton, TN

ValueXpress has arranged a $3.5-million CMBS conduit loan for the refinance of a three-story Holiday Inn Express hotel constructed in 2006. The hotel is located in Dayton, Tennessee, 40 miles northeast of Chattanooga. The sponsor purchased the property in 2010 after a period of mismanagement by prior owners. The sponsor completed a Property Improvement Plan (PIP) totaling in excess of $600,000 to bring the property into compliance with Holiday Inn Express brand standards. On completion of the PIP and under new owner-management, the property is thriving. Room revenue grew from under $1.0 million annually to over $1.4 million in 2014.

The city of Dayton is a small manufacturing center also known for its bass fishing in Chickamauga Lake, a 58-mile long reservoir along the Tennessee River. Dayton has hosted several major fishing tournaments at Chickamauga Lake, including the 2014 Bassmaster BASSfest, American Bass Anglers Weekend Series, Heartland Anglers Classic and the 2013 Walmart FLW Tour. The hotel is located near Bryan College, Oxford Graduate School, and less than 30 minutes from the TVA-Sequoyah Nuclear Plant and the Watts Bar Plant.

“The transaction allowed the sponsor to recover equity invested in the PIP as well as pay off an SBA loan, creating new eligibility to obtain another SBA loan for a future project,” commented Jay Bhakta, Senior Loan Originator at ValueXpress who originated the loan.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $3,840,000 CMBS Conduit Loan for the Refinance of Grand Haven Villas Apartments located in Bowling Green, KY for CCTG Grad

ValueXpress has arranged a $3,840,000 CMBS conduit loan for the refinance of a 56-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 2013-2015. The project is 100% occupied. Plans are in place to construct approximately 100 additional units over time based on leasing velocity. 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. “The CMBS conduit loan 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 the back-office, getting loans processed and closed quickly, resulting in very happy borrowers.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $9.5-Million CMBS Conduit Loan for the Refinance of Two Hotels in Corpus Christi, TX

ValueXpress has arranged a $9.5-million CMBS conduit loan for the refinance of a Candlewood Suites and LaQuinta Inn & Suites, both located in Corpus Christi, Texas. The Candlewood Suites is a 74-room extended-stay hotel constructed in 2007 and recently upgraded to current brand standards. The LaQuinta Inn & Suites was constructed in 2006.

The properties are located in proximity to the booming oil refineries operating in Corpus Christi. Despite a concern regarding the drop in oil prices, Corpus Christi refineries are running at 92% of capacity, while the Texas Gulf Coast is operating at 94.4%. These levels are near the peaks experienced in 2006, before the financial crisis, and they suggest that expansions and other project to at least marginally increase production will be pursued. In addition, dollars will be spent to ensure refineries stay on line as it has also been reported that refining profitability is up. These elements have combined to keep hotel demand in Corpus Christi growing despite the decline in oil prices.

The loan provides for a 10-year term with a 20-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.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $3.9-Million CMBS Conduit Loan for the Refinance of a 70-Room LaQuinta Inn & Suites in Blue Springs, MO

ValueXpress has arranged a $3.9-million CMBS conduit loan for the refinance of a LaQuinta Inn & Suites constructed in 2008 in Blue Springs, Missouri. The property is a 3-story, 70-room, interior-corridor hotel located 15 miles east of Kansas City, Missouri. The property is in close proximity to I-70.

Property amenities include a meeting room, exercise room, complimentary breakfast, high-speed internet access, a business center and an outdoor swimming pool and spa. Additional in-room features include 32-inch flat-panel TV with premium cable channels, microwave, refrigerator, hair dryer, iron with ironing board, and more.

“The transaction was challenging as the loan proceeds fell short of paying off the existing debt,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “But Jim Loser, a graduate of Commercial Capital Training Group (CCTG) and broker on the transaction, worked tirelessly to reduce the insurance premium to allow a larger loan amount. And he worked with ValueXpress to restructure the Property Improvement Plan (PIP) reserve to be partially funded at closing and partially over the loan term to get the existing debt paid off at closing. Jim was definitely the hero on this transaction.”

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.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges a $16,810,000 CMBS Conduit Loan for the Refinance of Two Apartment Buildings in West Des Moines, IA

ValueXpress has arranged a $16,810,000 CMBS conduit loan for the refinance of two apartment buildings located in West Des Moines, Iowa. The purpose of the loan was to buy out a partner. In addition, ValueXpress orchestrated the prepayment of the prior CMBS conduit loan through a defeasance process.

The first property, Jordan Creek Apartments, is a rental apartment complex located at 2168 Grand Avenue in West Des Moines, Iowa. Built in 1985, this complex is comprised of seven three-story apartment buildings housing 222 rental apartments. The property, located in Polk County, is approximately eight miles west of the Des Moines central business district. More specifically, the subject site is bordered by South 19th Street to the east and Grand Avenue to the west, north of Fuller Road.

The second property, known as Westwood Apartments, is a rental apartment complex located at 238 52nd Street in West Des Moines, Iowa. Built in 1985, this complex is comprised of four three-story apartment buildings housing 132 rental apartments and one leasing office. The subject property, also in Polk County, is located approximately 10 miles west of the Des Moines central business district. More specifically, the subject site is bordered by Ep True Parkway to the north, 58th Street to the east and Interstate 35 to the west.

“I provided the prior CMBS loan about eight years ago,” commented Gary Unkel, Senior Loan Originator at ValueXpress. “The sponsor had received a competing quote at a slightly better rate, but he elected to go with ValueXpress because he knew we would get the deal done. And we did.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $5.3-Million CMBS Conduit Loan for the Refinance of a 75-Room Candlewood Suites in Lithia Springs (Atlanta), GA

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, including the Data Center Corridor, which includes companies such as Google, Citi, and AT&T. 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.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $7.5-Million CMBS Conduit Loan for the Refinance of a 187-Room Independent Hotel in Punta Gorda, FL

ValueXpress has arranged a $7.5-million CMBS conduit loan for the refinance of the Punta Gorda Waterfront Hotel & Suites in Punta Gorda, Florida. The property is a 2-story, 187-room interior-corridor hotel with waterfront views of Charlotte Harbor. The Punta Gorda Waterfront Hotel & Suites features a boating and sightseeing dock, outdoor heated pool and fitness center.

The hotel is located on Florida’s Gulf Coast between Tampa and Fort Myers. The Gulf Coast beaches along this stretch of coastline have been named some of the best due to the finest and whitest sand in the world; the powdery sand is nearly pure quartz crystal. The beautiful blue-colored water is clean and clear, making it very inviting to bathers and swimmers.

Guests can dine at Hurricane Charley's Raw Bar & Grill, which is open for lunch and dinner and provides live music Friday and Saturday nights. A daily hot breakfast buffet is available in the restaurant. The Fishermen's Village Resort and Blanchard House Museum is one mile from the hotel. Central Port Charlotte is a 10-minute drive away.

The transaction was arranged by Gary Unkel, Senior Loan Originator at ValueXpress. “This transaction was uniquely challenging in that typically non-franchised hotels are not prevalent in CMBS. However, we presented a compelling case to a more aggressive CMBS conduit lender and got the deal done.” said Unkel.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $11-Million CMBS Conduit Loan for the Refinance of a 161-Room Staybridge Suites Hotel in Austin, TX

ValueXpress has arranged an $11-million CMBS conduit loan for the refinance of a Staybridge Suites constructed in 2009 located near the Austin Bergstrom International Airport in Austin, Texas. The property, a 4-story, 161-room interior-corridor hotel, was constructed by the sponsors to Staybridge Suites brand standards.

The Staybridge Suites - Austin Airport is located three miles from Austin Bergstrom International Airport and easy access to Circuit of the Americas and Downtown Austin, where guests can discover the Live Music Capital of the World, including 6th Street; Austin’s Entertainment District; the University of Texas at Austin and State of Texas Capital. Additional attractions include McKinney Falls State Park, Darrell K Royal-Texas Memorial Stadium and any of the many museums in Central Texas, including the Bob Bullock Texas State History Museum.

Amenities include an outdoor pool and fitness center, social receptions with a free beverage and a light meal, and a pantry for snacks and sundries.

“This transaction was uniquely challenging in that the sponsor is a Mexican citizen who does not speak English,” commented Michael Sneden, Executive Vice President at ValueXpress. “Therefore, we arranged for an interpreter to participate in our weekly conference calls.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $21-Million CMBS Conduit Loan for the Refinance of a Hotel Portfolio in Lubbock, TX

ValueXpress has arranged a $21-million CMBS conduit loan for the refinance of four limited-service hotels located in Lubbock, Texas. The properties are the 84-room Holiday Inn Express-Lubbock/Southwest constructed in 2010, the 77-room Holiday Inn Express-Lubbock/South constructed in 2013, the 66-room Comfort Inn & Suites-Lubbock constructed in 2001 and the 75-room Super 8-Lubbock built in 2006.

"The transaction was challenging as one of the properties was a budget brand, typically not suitable for CMBS," commented Michael D. Sneden, Executive Vice President at ValueXpress. "By combining all the hotel assets in one loan, the strength of the other hotel assets allowed the budget hotel to be included in the financing."

The properties are owned by a local businessman who is one of the largest distributors of packaged terminal air-conditioning units (PTAC) in the United States. The company expects to ship over 60,000 PTAC units in 2014 from its Lubbock headquarters and five warehouse/regional locations nationwide. The company has grown exponentially since acquiring the Sanyo brand and renaming the product line "PremAire."

"The sponsor works 12 hours a day between the hospitality business and the PTAC business so we knew we had to apply the 'ValueXpress model' to get the deals underwritten and closed," commented Jay Bhakta, a Senior Loan Originator at the ValueXpress Jackson, Mississippi office and 15-year ValueXpress veteran. "Mike and I headed out to Lubbock for an entire week to help staff complete diligence. The sponsor was very appreciative of our help and support."

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $7.5-Million CMBS Conduit Loan for the Refinance of a Howard Johnson Hotel Located at Kennedy Airport in New York City

ValueXpress has arranged a $7.5-million CMBS conduit loan for the refinance of a Howard Johnson Hotel located in Jamaica, New York City. The hotel is located on Archer Avenue, a short walk from the Jamaica Airtrain station, which provides frequent service to John F. Kennedy Airport. In addition, subway service and Long Island Rail Road (LIRR) service to New York City, LaGuardia Airport, Citi Field (Mets baseball) and other New York City attractions are all easily accessible from the hotel.

The property is a 6-story, 61-room interior-corridor hotel constructed in 2013 to Howard Johnson brand standards. Amenities include free Wi-Fi Internet access, complimentary continental breakfast, fitness center and 42-inch LED TVs with premium channels. Guest rooms offer plush mattresses, refrigerator, safe, hair dryer, and coffee maker.

This transaction was arranged by Gary Unkel, Senior Loan Originator at ValueXpress. “The transaction was challenging in that the property did not have the 12 months of operating history typically required to obtain a CMBS conduit loan for a hotel,” commented Unkel. “However, we were able to convince our conduit partner that the strength of the market and outstanding location warranted special treatment, and after receiving the green light, the deal closed in 45 days.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $22.5-Million CMBS Conduit Loan for the Refinance of a Wyndham Garden Hotel Located in San Jose, CA

ValueXpress has arranged a $22.5-million CMBS conduit loan for the refinance of a Wyndham Garden Hotel located in San Jose, California, two miles from the Mineta San Jose International Airport. The hotel is also in immediate proximity to SAP Center, home of the San Jose Sharks professional hockey team, and the San Jose McEnery Convention Center.

The full-service hotel was built in 1969, has 196 rooms and the Island Grill and Bamboo Lounge. The borrower has invested approximately $7.3 million on a property improvement plan related to repositioning the property from a Clarion and subsequently independent hotel to the current Wyndham Garden brand. In addition, the borrower invested approximately $1.0 million in 2012 upgrading the entire Island Grill and Bamboo Lounge. Property amenities include a fitness center, outdoor swimming pool, putting green, sundries shop, business center, free airport shuttle service and on-site gift shop. The Wyndham Garden-San Jose property also contains approximately 6,114 square feet of meeting space and approximately 2,000 square feet of outdoor and pre-function space comprising the courtyard patio. It also includes a 2,457-square-foot ballroom.

This transaction was a follow-on deal after successfully closing on the Four Points by Sheraton hotel located in San Jose last month. That hotel is a three-story, interior-corridor, full-service hotel constructed in 1990 and substantially renovated by the sponsor in 2013 to Sheraton Four Points brand standards as part of a conversion from an independent hotel.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains a $22-Million CMBS Conduit Loan Secured by the 207-Room Four Points by Sheraton – San Jose South

ValueXpress has arranged a $22-million CMBS conduit loan for the refinance of a Four Points by Sheraton hotel located in San Jose, California in the heart of Silicon Valley. The hotel is a three-story, interior corridor, full-service hotel constructed in 1990 and substantially renovated by the sponsor in 2013 to Sheraton Four Points brand standards as part of a conversion from an independent hotel.

The subject property is favorably located in the southern portion of San Jose, near the intersection of State Route 85 and U.S. Route 101. The rapid growth of the technology industry accelerated the transition of the area surrounding the hotel from an agricultural center to a metropolitan area. Leisure attractions in the local area include various wineries, the Silver Creek Sportsplex, retail shops, restaurants and golf courses.

“The transaction faced numerous hurdles,” commented Michael D. Sneden, Executive Vice President at ValueXpress, who originated the loan. “First, the property was secured by multiple loans, all of which were in maturity default. I knew I was in for an intense effort when the first thing that popped up on the sponsor’s computer when I arrived on site for diligence was a foreclosure notice.”

“There was more. The sponsor had never done a CMBS conduit loan before, but he was willing to learn. There were credit issues to overcome and deficiencies that needed to be rectified with the franchise before it would issue a clean comfort letter,” commented Sneden.

“But at the end of the day the deal got done at a great rate. As with all jobs well done, the reward is a follow-on transaction. Watch the next newsletter for a report on that deal, which is even larger than this one.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains a $5.42-Million CMBS Conduit Loan Secured by 101-Room LaQuinta Inn & Suites in Jupiter, FL

ValueXpress has arranged a $5.42-million CMBS conduit loan for the refinance of a LaQuinta Inn & Suites constructed in 1989 in Jupiter, Florida. The property, a 3-story, 101-room interior-corridor hotel, was purchased by the sponsor in 2002. Each room features free high-speed Internet access, a large 27-inch TV with premium cable and HBO, a microwave and a refrigerator. The property has an outdoor pool and business center, and it offers a free continental breakfast.

The property is located minutes from Jupiter Island Park, two miles west of I-95 and three minutes from Florida beaches. In addition, the property is convenient to Palm Beach International Airport. Other attractions in the immediate vicinity of the hotel are Roger Dean Stadium, Juno Beach Pier, Jonathon Dickenson State Park and the historic Jupiter Lighthouse.

“The transaction was challenging in that the bank that held the loan on the property failed and the successor lender, the FDIC, sold the loan to a Florida community bank that immediately demanded full payment of the subject loan and other sponsor loans,” explained Gary Unkel, the ValueXpress originator on the transaction. “To protect his ownership of the asset, the sponsor was forced to place the property in bankruptcy, despite current payment history and good operating cash flow.”

“This is the fifth or sixth ‘defensive bankruptcy’ deal we have completed,” said Michael D. Sneden, Executive Vice President at ValueXpress. “Bankruptcy eliminates the competition, period, but CMBS looks at the reasoning behind the bankruptcy and performance of the asset, and if both make sense, we will do the deal. In fact, we market this feature of CMBS loans.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains a $4,200,000 CMBS Conduit Loan Secured by a 71-Unit Apartment Complex Located in Bowling Green, KY

ValueXpress arranged a $4.2-million CMBS conduit loan on a 71-unit multi-family garden apartment property located in Bowling Green, Kentucky. The property consists of ten two-story apartment buildings. The property, constructed in 2007 on a 6.4-acre site, was 100% occupied at closing. The transaction was structured with a 10-year term and a 30-year amortization schedule. The loan provides a fixed rate during the entire term.

The property was originally developed to be sold as condominiums, but it has been operated as a rental property since opening. The units are all very desirable three-bedroom, two-and-one-half bathroom layouts that have resulted in consistently high occupancy since opening. The property is located in a suburban section of Bowling Green, northwest of downtown. The area is a mix of residential and supporting commercial and retail development.

"The transaction was challenging in that the property had multiple years of delinquent property taxes stemming from a property assessment disagreement between the sponsor and the tax assessor," explained Jim Brett, the ValueXpress underwriter on the transaction. "This precluded many other lenders from closing the loan; however, with proper explanation and supporting documentation, we were able to get the loan approved and funded."

"This transaction is particularly rewarding as it was referred to us by a Commercial Capital Training Group (CCTG) graduate," noted Michael D. Sneden, Executive Vice President at ValueXpress. "The grad carried the ball and was well rewarded for his efforts. And he has received additional transactions from other parties involved in the transaction, including borrower's counsel and the banker that was paid off. This is a testament to the success of the transaction."

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains a $7,970,000 CMBS Conduit Loan for the Refinance of the Country Inn & Suites and Econolodge in Ithaca, N.Y.

ValueXpress has arranged a CMBS conduit loan secured by a portfolio of two hotels, the Econolodge - Ithaca and the Country Inn & Suites - Ithaca, both located in Ithaca, New York. The properties are owned by Jay Bramhandkar.

The Country Inn & Suites is a two-story, interior-corridor, 58-room (53 suites and 5 rooms) limited-service hotel (plus one apartment) completed in 2008. The property is located on Danby Road, less than ¼ mile from Ithaca College, which has more than 6,000 students. As such, the property generates significant room demand from the college and is typically sold out every weekend during the school year, commanding room rates is excess of $300 per night during graduation periods. The property is one of the highest performing Country Inn & Suites in the Northeast.

The Econolodge is a 72-room, interior corridor limited-service hotel built in 1988. The property is located north of downtown Ithaca, off the northeast corner of North Triphammer Road and Route 13. The property is in proximity to local shopping and restaurants and is located one mile from Cornell University.

The Ithaca hotel market is dominated by Cornell University and Ithaca College. Cornell University is one of the nation's four supercomputing centers, one of the top research universities in the world, and home to New York State's Center for Advanced Technology in Biotechnology. Enrollment at Cornell University amounts to approximately 12,500 graduate and undergraduate students.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains a $9.1-Million CMBS Conduit Loan for a Holiday Inn & Suites at Phoenix Sky Harbor Airport

ValueXpress obtained a $9.1-million CMBS conduit loan secured by a 114-room full-service hotel that is being operated as a Holiday Inn & Suites. The property offers one restaurant and lounge, 3,000 square feet of meeting space, an outdoor pool and whirlpool, an exercise room, a business center, and a typical complement of back-of-the-house facilities. The subject property is located along S. 48th Street, just west of the Hohokam Expressway, north of Interstate 10, less than one mile southwest of the Phoenix Sky Harbor International Airport and roughly 7.8 miles southeast of the Phoenix Convention Center.

"The transaction was highly beneficial for the sponsor as the new loan provided significant return of equity to the sponsor without an increase in loan payment," commented Michael D. Sneden, Executive Vice President at ValueXpress. "This occurred because the CMBS conduit loan rate in the upper 4% area was significantly lower than the rate on the existing loan that was paying on a 20-year amortization schedule versus 25 years on the CMBS conduit loan."

"The loan required our usual accounting expertise as the financial statements for the hotel were not in the Uniform System of Hotel Accounts," said Jim Brett, head of underwriting at ValueXpress. "Working closely with the property bookkeeper and outside accountant, we were able to convert the accounts into USHA while maintaining a very quick closing timeline."

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains a $9.5-Million CMBS Conduit Loan to Take Out $7.5-Million Bridge Loan for a 94-Room Hampton Inn and Suites in the Dallas-Fort Worth Metroplex

ValueXpress obtained a $9.5-million CMBS conduit loan to take out a $7.5-million bridge loan obtained by ValueXpress in December 2013. The bridge loan refinanced a construction loan that was utilized to build a 94-room Hampton Inn hotel that opened in April 2013. The bridge loan, which provided for interest-only payments based on a LIBOR-based index, allowed the sponsor to exit an existing loan before closing on an SBA component that would have locked in a substantial prepayment penalty. With 12 months of solid operating history, the permanent CMBS conduit loan replaced the bridge loan and allowed for $2 million of equity recapture.

The property is a four-story interior-corridor structure with a stone and stucco veneer exterior. Amenities include a meeting room, exercise room, complimentary breakfast, high-speed internet access, a business center, hot and cold breakfast and an outdoor swimming pool. The property is one of the first Hamptons to feature electric car charging stations in front of the hotel.

The property is 15 minutes from Dallas-Fort Worth International Airport (DFW) and shops at Southlake Towne Square and Grapevine Mills Mall. The hotel also offers easy access to corporations in the Southlake and Grapevine areas.

"We hope to do more bridge/permanent CMBS conduit loans similar to this transaction for sponsors that need a stabilization period to qualify for a long-term, fixed-rate CMBS loan," said Michael D. Sneden, Executive Vice President at ValueXpress.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $4.8-Million CMBS Conduit Loan for the Refinance of 73-Room Hampton Inn Located in Lakeland, FL

ValueXpress has arranged a $4.8-million CMBS conduit loan for the refinance of a three-story Hampton Inn hotel constructed in 1999 and renovated in 2013 in anticipation of securing a new franchise license. Post-closing, the property intends to complete a Property Improvement Plan (PIP) to bring the property in compliance with the new Forever Young Initiative (fyi) rolled out by Hilton in January 2014. fyi is designed to keep the brand fresh and focused on the emerging Millennial traveler market. The program will require upgraded guest rooms, guest baths, and exterior design elements. For new builds, the core elements of fyi will become part of construction standards.

Creating a modernized look, these new construction standards include contemporary bathrooms with a clean, white design, as well as movable desks and ottomans. Power outlets will be positioned for staying connected, and rooms will additionally offer streamlined case goods like a mini-fridge and wire baskets for storage.

The sponsors expect to commit approximately $600,000 to fyi in addition to $300,000 spent in 2013. This investment will ensure the property maintains its position as the market leader within the Lakeland, Florida community.

"This loan is another perfect example of the benefit of CMBS conduit loans," explained Jay Bhakta, a Senior Loan Originator at the ValueXpress Jackson, Mississippi office and 15-year ValueXpress veteran. "The sponsor's prior loan did not have an escrow for future capital improvements, and therefore, the sponsor would have to request funds from the four partners to complete the PIP. Instead, the cash-out CMBS refinance will provide the capital for the PIP and return some equity to the partners as well."

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $5.2-Million CMBS Conduit Loan for the Refinance of 72-Room Holiday Inn Express in Kingwood, TX

ValueXpress has arranged a $5.2-million CMBS conduit loan for the refinance of a three-story Holiday Inn Express hotel constructed in 1999 and renovated in 2013 after the completion of a major change-of-ownership PIP required by the IHG franchise at a cost in excess of $1 million. The hotel is located in Kingwood, Texas, a suburb of Houston. The sponsor purchased the property in January 2013.

The hotel, located near George Bush Intercontinental Airport, provides a free shuttle to the airport and other locations within a five-mile radius of the hotel. Kingwood Medical Center, Administaff, Chevron-Phillips Chemical and Westronics are all easily accessible from the hotel, which is located off Highway 59. The property features a host of complimentary amenities, such as guest laundry services, a fitness center with TV and high-speed wireless Internet access.

“The loan was a follow-up deal for an existing client for whom we financed the Candlewood Suites located right behind the Holiday Inn Express,” explained Jay Bhakta, a Senior Loan Originator at the ValueXpress Jackson, Mississippi office and 15-year ValueXpress veteran. “The transaction was challenging as the property is expected to stabilize at much higher operating levels, post renovation, and the sponsor did not want to lock in lower-than-optimal loan leverage. So the CMBS conduit lender structured an earnout to allow additional loan proceeds to the sponsor over the next 12 months based on operating performance.”

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.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $5.5-Million CMBS Conduit Loan for a Neighborhood Shopping Center in Suburban Atlanta, GA

ValueXpress obtained a $5.5-million first-mortgage loan that was utilized to refinance existing debt secured by a 20,000-square-foot neighborhood shopping center located in the Atlanta MSA. The property, currently 100% occupied by nine tenants, was constructed in 2004 and is in excellent condition. The loan transaction was structured as a 10-year term based on a 30-year amortization schedule. Loan-to-value was 75% and the property provides 1.25x net cash flow DSCR on actual income and expenses.

"The transaction was completed quickly as the sponsor wanted to capture an attractive rate," commented Michael D. Sneden, Executive Vice President at ValueXpress. "We were happy to see that goal achieved."

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $4.76-Million CMBS Conduit Loan for the Refinance of 62-Room Quality Inn and Suites Hotel Located in Bryan, TX

ValueXpress has arranged a $4.76-million CMBS conduit loan for the refinance of a three-story Quality Inn and Suites hotel constructed in 2012 and located in Bryan, Texas. The property is situated on Highway 6 near Highway 21, just north of College Station, Texas, home of Texas A&M University. The interior-corridor hotel was built well in excess of brand standards and therefore commands some of the highest room rates within the Quality Inn franchise system.

College Station is home to the main campus of Texas A&M University, the flagship institution of the Texas A&M University system. Due largely to the presence of Texas A&M University, in 2006, College Station was named by Money magazine as the most educated city in Texas and the 11th most educated city in the United States. In the fall 2013 semester, Texas A&M was the fourth-largest U.S. university with an enrollment of 56,255 students pursuing degrees in ten academic colleges.

“The loan was a challenge as the transaction returned all the sponsor’s equity and then some,” explained Jay Bhakta, a Senior Loan Originator at the ValueXpress Jackson, Mississippi office and 15-year ValueXpress veteran. “But we were able to show that the high quality of construction to levels well in excess of brand standard plus the strong demand in the College Station market mitigated the cash-out risk.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $6-Million CMBS Conduit Loan for the Refinance of 73-Room Holiday Inn Express in Snyder, TX for AAHOA Members Bharat Bhakta and Amit Bhakta

ValueXpress has arranged a $6-million CMBS conduit loan for the refinance of a three-story Holiday Inn Express hotel constructed in 2008 and located in Snyder, Texas. The property is situated on State Highway 180 near State Highway 84, approximately a one-hour drive west of Abilene.

The property is located immediately north of Sweetwater, Texas, the center of the Western Hemisphere's leading wind power generation region. Sweetwater is known as the "Wind Turbine Capital of Texas." The property is in proximity to energy pipeline installations owned by Kinder Morgan and other pipeline operators. These diverse energy businesses provide hotel demand for operations and maintenance personnel to keep these installations up and running.

The property is located across the campus of Western Texas College (WTC) and the WTC Coliseum. WTC offers two-year college degrees in the Arts and Sciences. The Coliseum seats 3,800 and is used for a variety of events.

“The loan was a challenge as the transaction returned all the sponsor’s equity and then some,” explained Jay Bhakta, a Senior Loan Originator at the ValueXpress Jackson, Mississippi office and 15-year ValueXpress veteran. “In addition, a large segment of demand is related to energy services, and the risk is whether that demand will be consistent over the loan term. We mitigated this risk by structuring the transaction with a 20-year amortization schedule to amortize the principal balance of the loan quicker than the typical 25-year schedule.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges a $5.1-Million Conventional Loan for a Brooklyn, NY-Based Clothing Retailer

ValueXpress obtained a $5,100,000 conventional first mortgage loan from a N.J.-based community bank secured by two industrial buildings located on Williams Street in Brooklyn, N.Y. The sponsor will operate a vintage clothing store in part of the first floor space of the building, adding to the numerous locations throughout Brooklyn and Manhattan where the sponsor operates additional stores. The balance of the space will be used for warehouse purposes.

Gary Unkel, Senior Loan Originator for ValueXpress, originated the loan on behalf of this long-time client. Unkel commented, “The borrower needed to close quickly and I located an aggressive N.J. bank anxious to expand in New York City that stepped in to meet the client’s needs.” The company deals in the sale of previously used clothing, footwear and toys. Items are purchased by the pound, and those in good condition are resold in his vintage clothing stores in the N.Y. metro area, including the subject store, while the balance is exported, primarily to Guatemala.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $7.5-Million CMBS Conduit Loan for the Refinance of 83-Room Best Western Plus at Liberty International Airport, Newark, NJ

ValueXpress has arranged a $7.5-million CMBS conduit loan for the refinance of a five-story Best Western hotel located at Liberty International Airport in Newark, N.J. after overcoming a title defect that delayed the transaction for a year.

The Best Western Plus Newark Airport offers a daily complimentary hot buffet breakfast, complimentary wireless Internet and an exercise facility. A convenient 24-hour business center and a 24-hour snack shop are located on site. A recently renovated on-site cocktail lounge offers a wide array of spirits and food choices, allowing travelers to unwind after their travels.

A small stream bed that had long ago been filled in by the State of New Jersey was located on the hotel site. Our sponsor built a hotel on top in 2001. But it seems like the State of New Jersey still owned the “stream” that runs under the hotel (about 9% of the total land area). Since our sponsor did not own all of the land, the sponsor could not get title insurance. After a nine-month process, the state of New Jersey granted the sponsor the right to acquire the land, allowing for the title to be insured.

“We kept up all the financial data during the last year to allow the transaction to quickly move to close once the state granted the purchase right to the sponsor,” commented Michael D. Sneden, Executive Vice President at ValueXpress.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $5-Million SBA 7(a) Loan Commitment for the Construction of a Holiday Inn Express Near Yankee Stadium

ValueXpress obtained a $5-million first-mortgage loan commitment with its New York banking partner, Country Bank, from the Small Business Administration for the construction of an 85-room Holiday Inn Express hotel at 500 Exterior Street, Bronx, N.Y. The property is located less than one mile from Yankee Stadium. In addition, the property is located adjacent to the newly developed Gateway Center at Bronx Terminal Market; tenants include BJ’s Wholesale Club, Home Depot, Target, Staples, Bed Bath & Beyond, Best Buy, Marshalls, Applebee’s, Babies “R” Us, Toys “R” Us, and Raymour & Flanigan.

The property is within walking distance to the Number 4 and Number 2 subway lines, proving a 5-minute subway ride to Central Park or 10 minutes to Midtown Manhattan. The hotel will provide an extraordinary economic alternative for tourists versus Manhattan room rates, as the anticipated rate of $150/night will be half of Midtown Manhattan rates.

The 11-story project will be constructed to Holiday Inn Express prototype brand standards. Amenities will include complimentary breakfast, meeting room, fitness center, business center, parking facility, in-room safe, wireless Internet access and 42" LCD TVs.

“The transaction was our sixth loan to this hotel group,” said Michael D. Sneden, Executive Vice President of ValueXpress. “The group has been enormously successful in the construction and operation of franchised and independent limited-service hotels in the boroughs surrounding Manhattan. Its portfolio generates in excess of $2 million per year of cash flow after debt service.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $6-Million CMBS Conduit Loan for the Refinance of 73-Room Holiday Inn Express in Snyder, TX

ValueXpress has arranged a $6-million CMBS conduit loan for the refinance of a three-story Holiday Inn Express hotel constructed in 2008 and located in Snyder, Texas. The property is situated on Hwy 180 near Hwy 84, approximately a one-hour drive west of Abilene.

The property is located immediately north of Sweetwater, Texas. Sweetwater is the center of the Western Hemisphere's leading wind power generation region and is known as the "Wind Turbine Capital of Texas." The property is in proximity to energy pipeline installations owned by Kinder Morgan and other pipeline operators. These diverse energy businesses provide hotel demand for operations and maintenance personnel to keep these installations up and running.

The property is located across the campus of Western Texas College (WTC) and the WTC Coliseum. WTC offers two-year college degrees in the Arts and Sciences. The Coliseum seats 3,800 and is used for a variety of events.

“The loan was a challenge as the transaction returned all the sponsor’s equity and then some,” explained Jay Bhakta, a Senior Loan Originator at the ValueXpress Jackson, Mississippi office and 15-year ValueXpress veteran. “In addition, a large segment of demand is related to energy services, and the risk is whether that demand will be consistent over the loan term. We mitigated this risk by structuring the transaction with a 20-year amortization schedule to amortize the principal balance of the loan quicker than the typical 25-year schedule.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Lines Up CMBS Conduit Deal for Client of 15 Years

ValueXpress has arranged a CMBS conduit loan secured by a portfolio of two hotels, the Econolodge - Ithaca and the Country Inn and Suites - Ithaca, both located in Ithaca, New York. The properties are owned by Jay Bramhandkar.

"The transaction was nothing unusual, as it represents just 1 of the 250 hotel loans completed at ValueXpress," commented Michael D. Sneden, Executive Vice President at ValueXpress. "What's amazing is the loyalty of the borrower. He has worked with us exclusively for 15 years on all his financing needs."

"The relationship started when ValueXpress obtained a loan from Eastern Savings Bank in 1999 to stave off foreclosure of the Econolodge after the prior loan was bought by an aggressive investment firm. We then refinanced the loan into our affiliate bank, Country Bank, in 2003, and then into BNB Bank in 2008," according to Sneden.

ValueXpress obtained the construction loan for the Country Inn and Suites from BLX in 2006 and refinanced the loan into Country Bank in 2010.

Now, both properties are being refinanced into a CMBS conduit loan to lower the interest rate and provide cash-out proceeds to replace the roof on the Econolodge.

"Whenever I get a call from a banker or broker for financing I direct them to Mr. Sneden," said Bramhandkar. "I do not make any decisions on the financing of my properties without his guidance, I am very grateful for all his help over the years."

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $2.685-Million SBA 7(a) Loan Commitment for a LaQuinta Inn & Suites Hotel in Walker, LA

ValueXpress obtained a $2.685-million SBA 7(a) first-mortgage loan commitment with its banking partner, Fidelity Bank, for a 3-story, 65-room limited-service franchised hotel located in Walker, Louisiana. The hotel is situated in the Denham Springs region of eastern Louisiana; this small community in Livingston Parish is located 14 miles east of the state capital of Baton Rouge.

The hotel offers easy access to nearby activities, attractions, businesses and cities, including Denham Springs, Baton Rouge and New Orleans. Denham Springs is known for its antiques stores, art galleries and a revitalized downtown area; this small town features tree-shaded neighborhoods, excellent parks and a world-class golf course.

“This is a purchase transaction that I worked hard to get approved,” commented Jay Bhakta, a senior loan originator at the ValueXpress Jackson, Mississippi office. “Originally, the ownership structure did not present enough experience to get the loan approved. I worked with Fidelity and the client to bring more experience to the ownership structure and got the loan approved.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $4.7-Million CMBS Conduit Loan to Refi a $2.5-Million SBA 7(a) It Originated in 2010

ValueXpress obtained a $4.7-million CMBS conduit loan to refinance a $2.5-million SBA 7(a) loan it had originated in 2012, providing nearly $2 million in cash-out proceeds to the owner.

The property is a 2-story, 64-room limited-service franchised hotel located in Houston, Texas operating under the flag of Comfort Suites. The property was constructed in 2000. The building, situated on State Highway 249 next to Vintage Park Shopping Village, has several restaurants and retail venues in the neighborhood. The hotel offers a quiet suburban location across the street from Hewlett-Packard USA and Lone Star College-University Park. Willowbrook Mall, St. Luke's Episcopal Hospital, Methodist Hospital and Sam Houston Race Park are in proximity to the hotel.

The 2012 financing provided funds to complete a substantial PIP and franchise renewal, which resulted in significant increases in ADR, occupancy and revenue. The resulting increase in cash flow increased the value of the property, allowing the owner to extract cash equity to invest in a new project.

"This is a good repeat client of mine who had already completed a CMBS loan on another property," commented Jay Bhakta, a senior loan originator at the ValueXpress Jackson, Mississippi office. "One of the best benefits of CMBS conduit loans is unrestricted cash out, and this transaction was a prime example."

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Originates $200 Million of CMBS Conduit Loans in 2013

ValueXpress originated $200 million of CMBS conduit loans in 2013. The loans were secured by multifamily, retail, office, self-storage and hospitality properties. The loans were included in nine CMBS issues sold in 2013 with a total principal balance in excess of $10 billion. Approximately 50% of the loans originated by ValueXpress were secured by hospitality properties.

Many of the hotel loans were to members of the Asian-American Hotel Owners Association (AAHOA), a national hotelier organization of which ValueXpress is a preferred vendor for hotel financing. Over 25% of the loans were originated in Texas, reflecting the growth that state is experiencing due to the exploration and extraction of gas and oil. The loans provided a combined $42 million in unrestricted cash-out proceeds to the sponsors for other investments.

"The name of the game in 2013 was 'unrestricted cash-out,' “ said Michael D. Sneden, Executive Vice President of ValueXpress. "No other commercial loan product for income-producing properties can compete with CMBS conduit loans when cash-out proceeds are needed by the sponsor."

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains a $7.5-Million Bridge Loan for a 94-Room Hampton Inn and Suites located in the Dallas-Fort Worth Metroplex

ValueXpress obtained a $7.5-million bridge loan for the refinance of a construction loan that was utilized to build a 94-room Hampton Inn hotel that opened in April 2013. The property is a four-story interior-corridor structure with a stone and stucco veneer exterior. Amenities include a meeting room, exercise room, complimentary breakfast, high-speed internet access, a business center, hot and cold breakfast and an outdoor swimming pool. The property is one of the first Hamptons to feature electric car charging stations in front of the hotel.

The property is 15 minutes from Dallas-Fort Worth International Airport (DFW) and shops at Southlake Towne Square and Grapevine Mills Mall. The hotel also offers easy access to corporations in the Southlake and Grapevine areas.

The loan provides for interest-only payments based on a LIBOR-based index. The loan term with extensions is 16 months. The purpose of this loan is to allow the sponsor to exit an existing loan before closing on an SBA component that would have locked in a substantial prepayment penalty. The bridge loan will allow the property to complete stabilization, at which time a permanent CMBS conduit loan will be closed to replace the bridge loan, likely in six months, as performance in the six months since opening has been outstanding.

"We hope to do more bridge loans similar to this transaction for sponsors that need a stabilization period to qualify for a long-term, fixed-rate CMBS loan," said Michael D. Sneden, Executive Vice President at ValueXpress.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $5-Million SBA 7(a) Loan Commitment for an Independent Limited Service Hotel in Brooklyn, NY

ValueXpress obtained a $5-million first-mortgage loan commitment with its New York banking partner, Country Bank, from the SBA for an independent hotel located in Brooklyn, N.Y. The loan will refinance a $5-million construction loan that was utilized to construct a 58-room limited-service hotel in Brooklyn, N.Y. The five story-plus-basement property is located in the Bedford-Stuyvesant section of Brooklyn, 1.5 miles east of the new Barclays Center sports arena. The hotel is located 100 yards from the Nostrand Ave. LIRR station with service into Manhattan and 3 blocks from the Throop Ave. subway station that also serves Manhattan.

“The transaction was our fifth loan to this hotel group,” said Michael D. Sneden, Executive Vice President of ValueXpress. “The group has been enormously successful in the construction and operation of franchised and independent limited-service hotels in the boroughs surrounding Manhattan. Its portfolio generates in excess of $2 million per year of cash flow after debt service.”

ValueXpress is currently processing another $5-million SBA 7(a) loan for a Holiday Inn Express hotel located in proximity to Yankee Stadium in the Bronx, N.Y.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $6.3-Million Combination CMBS Conduit Loan and Mezzanine Loan for the Refinance of 103-Room Cambria Suites in Indianapolis, IN

ValueXpress has arranged a $6.3-million CMBS conduit for the refinance of a four-story Cambria Suites hotel constructed in 2008 by the sponsor. The hotel is located in Indianapolis, Indiana, approximately 10 miles from Indianapolis International Airport.

The hotel is located in proximity to corporate headquarters for the American Legion and Indiana State Nurses Association. In addition, the Capital Sports Center, Lucas Oil Stadium and Indianapolis Motor Speedway are nearby.

The property features a host of amenities, including three meeting rooms, catering services, guest laundry, a fitness center and high-speed wireless Internet access. All guest rooms offer two flat-screen televisions, spa-like baths, microwave, refrigerator and gourmet coffee. Rooms feature Hub plug-and-play technology for laptops, MP3 players, and digital cameras. The property has an indoor pool and hot tub, full-service bar and a grab’n’go sundry shop.

“The sponsor selected a 5-yr loan term with a 25-year amortization schedule for the $5.45-million CMBS conduit portion of the loan because the sponsor believes cash flow will increase rapidly as Indianapolis recovers from the recession,” explained Gary Unkel, Senior Underwriter at ValueXpress who originated the loan. “In addition, the loan was structured with an $850,000 mezzanine loan that together with some sponsor equity was required to pay off the total balance of the prior loan. We are one of the few firms that can access small balance mezzanine loans to bridge a shortfall in loan needs that cannot be satisfied solely with a first position CMBS conduit loan.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Closes $8.0-Million Conventional Loan for a Mixed-Use Building for a Brooklyn, NY-Based Clothing Retailer in Manhattan, NY

ValueXpress obtained an $8,000,000 conventional first mortgage loan from its New York-based banking partner Country Bank secured by a six-story mixed-use building located in the East Village neighborhood of Manhattan, New York; originally constructed in 1905 it was gut renovated between 2011 and 2012. The building contains 17,500 square feet of space consisting of 20 apartment units above a grade-level retail unit.

The sponsor owns and operates a vintage clothing store in the 2,400-square-foot first floor space of the building for over ten years. When the property became available for purchase, the sponsor jumped on the opportunity to acquire ownership rather than continue leasing in the face of escalating rents in the neighborhood.

Gary Unkel, Senior Loan Originator for ValueXpress, originated the loan on behalf of this long-time client. Unkel commented, “The borrower needed to close quickly and Country Bank stepped in to meet the client’s needs.” The company deals in the sale of previously used clothing, footwear and toys. These items are purchased by the pound, and items in good condition are resold in vintage clothing stores in the New York metro area, including the subject store while the balance is exported, primarily to Guatemala.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $6.5-Million CMBS Conduit Loan Secured by 2 Apartment Complexes Located in Biloxi, MS

ValueXpress obtained a $6.5-million CMBS conduit first-mortgage loan secured by two apartment complexes in Biloxi, MS. Woodlands Apartments is a 118-unit garden-style complex built in 1974 and renovated in 2012. The property was 90% occupied at closing.

The second property, Southwind Apartments, is located on the same street as Woodlands Apartments; Southwind is a 140-unit garden-style apartment complex built in 1974 and also renovated in 2012. The property was 88% occupied at closing.

Since the 1990s the major tourism attraction for Biloxi has been casino gaming, which also draws visitors from more distant markets. Over 10 million people visit casino-based establishments in the Biloxi-Gulfport region annually. In addition to casinos, Biloxi's major draws include beaches, fishing, other water-based activities, golfing, and the Mississippi Coast Coliseum and Convention Center. The Convention Center hosts concerts and events throughout the year and is expanding to include 400,000 square feet of meeting space.

The transaction was a cash-out refinance of an existing loan that has been utilized to rehabilitate the property. The loan was structured with a 10-year fixed-rate term amortized based on a 25-year schedule.

"The transaction was challenging in that the property recently completed a substantial rehabilitation and neither the income nor the expenses were fully stabilized," commented Jim Brett, the ValueXpress underwriter on the transaction. "So the loan was structured with an earnout provision for the sponsor to obtain additional loan proceeds based on increasing cash flow expected over the next 3-6 months."

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $7,600,000 in CMBS Loans for a Days Inn and Red Roof Inn in Laredo, TX

ValueXpress has arranged a $4-million CMBS conduit loan for the refinance of a Red Roof Inn constructed in 2008 and a $3.6-million loan for a Days Inn hotel constructed in 1978 (renovated in 2009-2012); both are located in Laredo, Texas.

The Red Roof – Laredo is a 3-story, 83-room interior-corridor property that was constructed by the sponsors to Red Roof Inn brand standards. The property offers an outdoor pool, outdoor barbeque and picnic area, lobby workstation, guest laundry facility and vending areas.

The Days Inn – Laredo is a 2-story, 126-room interior-corridor property that was purchased and gut-renovated by the sponsors. The property offers an outdoor pool, exercise room, outdoor barbeque and picnic area, game room, lobby workstation, guest laundry facilities and vending areas. In addition, the property features a full-service restaurant.

The Days Inn property is located on Interstate 35. I-35 extends to San Antonio to the north and Nuevo Laredo, Mexico to the south.  The neighborhood is anchored by Mall Del Norte, a large shopping mall, as well as restaurants, hotels and other retail shopping centers along the primary thoroughfares; residential areas are located along the secondary roadways.

The Red Roof property is located on the southeast side of Laredo.  The property is located near a busy intersection and benefits from good visibility from within its local neighborhood.

"The Days Inn transaction was challenging," commented Jay Bhakta, a Senior Loan Originator at the ValueXpress Jackson, Mississippi office and 15-year ValueXpress veteran. "There are no Days Inn hotels in CMBS issues since the market restarted in 2010. We carefully structured the deal with a 15-year amortization and a low LTV and got it approved.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $6,370,000 CMBS Loan for a Hampton Inn & Suites in Greenville, TX

ValueXpress has arranged a $6.37-million CMBS conduit loan for the refinance of a Hampton Inn & Suites constructed in 2006 in Greenville, Texas. The property, a 4-story, 75-room interior-corridor hotel, was constructed by the sponsors to Hampton Inn brand standards.

The property, located adjacent to I-30, provides access to the many Greenville attractions, including Lake Tawakoni or Lake Ray Hubbard, both just 20 minutes from the hotel. Shopping is available at Crossroads Mall. The property is convenient to downtown Dallas, which is just an hour away.

Amenities include a meeting room, exercise room, complimentary breakfast, high-speed internet access, business center, on-site convenience store, fitness center and outdoor swimming pool. Guest rooms have queen- or king-sized beds, flat-panel TVs, high-speed wireless internet and sofa beds in select suites.

"The transaction was a challenge," commented Jay Bhakta, a Senior Loan Originator at the ValueXpress Jackson, Mississippi office and 15-year ValueXpress veteran. "The transaction resulted in a large return of equity to the sponsor and there was a concern the sponsor has no 'skin in the game' after closing. Plus, the property is located in a tertiary market."

"We worked hard to get the credit team comfortable with the market and sponsorship," commented Jim Brett, Chief Underwriter at ValueXpress. "In the end, everyone was comfortable with the transaction and it was approved without a hiccup."

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.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $5-Million CMBS Conduit Loan for the Refinance of a 73-Room LaQuinta Inn & Suites in Grand Praire, TX

ValueXpress has arranged a $5-million CMBS conduit loan for the refinance of a LaQuinta Inn & Suites constructed in 2009 in Grand Prairie (Dallas/Fort Worth), Texas. The property, a 4-story, 73-room interior-corridor hotel, is constructed by the sponsors to LaQuinta Inn & Suites brand standards.

The property is a four-story interior-corridor wood structure with a brick, stone and stucco veneer exterior and a pitched metal roof system with a porte-cochere entry. Amenities include a meeting room, exercise room, complimentary breakfast, high-speed internet access, a business center and an outdoor swimming pool.

The La Quinta Inn & Suites Grand Prairie, Texas Hotel sits near the heart of the Dallas/Fort Worth Metroplex. For tourists looking for hotels near Arlington, close to all the attractions, the hotel is just five minutes from the Dallas Cowboys Stadium, Six Flags Over Texas, Hurricane Harbor and the Rangers Ballpark.

“I have known Jay Bhakta for a very long time and always looked forward to the day we could work together on a deal,” said Raj Chudasama, owner of the property. “Jay immediately came to my property from Mississippi to help me with my documentation, while Jim Brett in New York handled all the third-party vendors and interaction with the lender. It really was a team effort from ValueXpress.”

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.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $9.75-Million CMBS Conduit Loan for a Portfolio of 2 Hotels Located in Sandusky, OH

ValueXpress obtained a $9.75-million first-mortgage loan that provided a significant pay down of portfolio debt secured by two hospitality properties located in Sandusky, OH, the Best Western Plus – Sandusky and the Comfort Inn – Sandusky. Both properties are located on Milan Road, adjacent to each other. Sandusky is located on the shores of Lake Erie and is known throughout the region for its leisure attractions.

The 89-room Best Western Plus and 207-room Comfort Inn offer easy access to action and adventure at Cedar Point, Kalahari Resort and Summit Motorsports Park. Also, Firelands Winery, Lake Erie Islands Ferry, Kelley's Island, Keys Golf Course, Merry Go Round Museum, Thomas Edison Museum and Seneca Caverns are all in proximity to these hotel properties.

The Best Western amenities include flat-screen televisions with cable or satellite television and pay-per-view, microwave, refrigerator, coffeemaker, in-room safe, high-speed Internet access and more. Guests wake up refreshed and enjoy a complimentary full breakfast that includes hot items. Additional amenities include an exercise facility, guest laundry, dry cleaning, game room, business center, meeting facilities and free parking.

Similar amenities can be found at the Comfort Inn, plus all rooms and public spaces have recently been remodeled. Banquet and meeting rooms are available to accommodate most events and business functions. In addition, the award winning Baci Restaurant & Bar, an Italian fine dining restaurant and nightclub operated by the sponsors, is located in the Comfort Inn hotel

“We provided a CMBS loan for this client just a few months ago, and based on the successful execution of that transaction, we were engaged to complete a follow-on transaction,” commented Kevin Monahan, Senior Originator at ValueXpress. “We are happy to report another successful execution for this client.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $6.8-Million CMBS Conduit Loan for a Portfolio of 3 Multifamily Properties Located in Augusta and Greenville, SC

ValueXpress obtained a $6.8-million first-mortgage loan that was utilized to refinance existing debt and provide cash-out proceeds secured by a portfolio of three multifamily properties located in Augusta and Greenville, SC: Willow Wick Apartments, Pine Crest Apartments and Broadway Apartments.

Willow Wick Apartments is a 104-unit garden-style complex built in 1970. The property is located along the east side of West Martintown Road, just north of its interchange with Interstate 20, in the northwestern portion of North Augusta. Property amenities consist of an outdoor swimming pool, a playground, a sand volleyball court and a laundry room.

Pine Crest Apartments is a 120-unit garden-style complex built in 1973. The property is located at the northeast corner of Bradleyville Road and Norway Road, just east of Knox Avenue and in the central portion of North Augusta. Property amenities consist of a large outdoor swimming pool, two tennis courts and a small laundry room in each building.

Broadway Apartments is a 64-unit garden-style complex built in 1972. The property is located off White House Road (SR 25) in western Greenville, S.C.

“We provided a CMBS loan for this client in 2003, and I have been in touch with the sponsor over the years,” commented Gary Unkel, Senior Originator at ValueXpress. “So when it was time to refinance, we were ready to provide a new CMBS loan at a lower rate with cash-out proceeds to the client.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $17-Million CMBS Conduit Loan for a Portfolio of 3 Hotels Located in Metropolitan New Orleans, LA

ValueXpress obtained a $17-million first-mortgage loan that was utilized to refinance existing debt and provide cash-out proceeds secured by a portfolio of three extended-stay hotels located in metropolitan Louisiana: the Suburban Extended Stay, La Place, LA; the Suburban Extended Stay, Avondale, LA; and the Candlewood Suites, Avondale, LA.

The Suburban Extended Stay, La Place is located at the intersection of I-10 and Interstate 55. La Place is situated between New Orleans and Baton Rouge; it is generally considered a suburb of New Orleans, located approximately 30 miles west of the city. The property was constructed in 2008 and contains 82 guest rooms, an outdoor pool, business center and guest laundry.

The Suburban Extended Stay, Avondale and Candlewood Suites, Avondale are located at the intersection of Avondale Garden Road and U.S. Highway 90. Avondale is a suburb of New Orleans, located approximately 10 miles west of the city. The Suburban Extended Stay, Avondale was constructed in 2004 and expanded/renovated in 2009. The hotel contains 98 guest rooms, an outdoor pool, business center and guest laundry. The Candlewood Suites, Avondale was constructed in 2011 and contains 83 guest rooms, an exercise room, business center, market pantry and guest laundry.

“The transaction was time sensitive as the loan needed to close by the third Thursday in April to meet an SBA payoff, and we got it done,” said Michael D. Sneden, Executive Vice President at ValueXpress.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $17 Million of CMBS Conduit Loans for the Refinance of a 130-Room Holiday Inn - Westchase in Houston, TX and a Holiday Inn Express in Webster, TX

ValueXpress arranged two separate loans for a repeat client who owns two hotels in the Houston, TX metropolitan area. The first loan was a $10.7-million CMBS conduit loan for the refinance of the full-service Holiday Inn - Westchase constructed in 2011. Located in Houston, the property is a 5-story, 130-room hotel constructed to the new Holiday Inn prototype. The hotel features the new, smaller footprint "Sporting News Grill" sports bar. The property is minutes from downtown Houston near Reliant Stadium and Minute Maid Park. It is in proximity to major corporations including ABB Randall, Halliburton, Jacobs Engineering and Schlumberger.

The second loan was a $6.3-million CMBS conduit loan for the refinance of a Holiday Inn Express hotel constructed in 2010. The property is a 4-story, 101-room hotel.

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

This is a follow-on transaction whereby ValueXpress had previously provided loans on three hotels for two of the sponsors of the subject transactions. "Obviously the prior transactions were highly successful or we would not have been asked to step up again for these two new transactions,” commented Michael D. Sneden, Executive Vice President at ValueXpress.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $5.0-Million CMBS Conduit Loan for the Refinance of a 70-Room Hampton Inn in Port Huron, MI

ValueXpress has arranged a $5.0-million CMBS conduit loan for the refinance of a Hampton Inn hotel constructed in 1998. Located in Port Huron, MI, the property is a 3-story, 70-room hotel. The property is one of the top performing Hampton Inns in the U.S. Midwest.

Situated right off I-69/94, the Hampton Inn is just outside downtown Port Huron. The hotel’s location is convenient for visiting Michigan’s oldest lighthouse and is located near the Port Huron Museum. The hotel offers a variety of excellent amenities, including complimentary high-speed internet access, 32-inch LCD HD TVs in guest rooms, a fitness center, an indoor pool, versatile meeting room and a free breakfast buffet.

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.

“The transaction moved quickly and efficiently,” commented Gary Unkel, the ValueXpress originator on the transaction. “I was very impressed with the borrower’s counsel on this deal; he did an amazing job keeping his client focused on completing the transaction in a timely fashion.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $6.6-Million CMBS Conduit Loan for the Refinance of a 102-Room Holiday Inn Express in Port Clinton, OH

ValueXpress has arranged a $6.6-million CMBS conduit loan for the refinance of a 3-story Holiday Inn Express hotel constructed in 2000 and renovated in 2011. The hotel is located in the Port Clinton-Catawba Island area on the southern shore of Lake Erie.

Constructed by the sponsors to Holiday Inn Express brand standards, the property features 21 king and 81 double-queen rooms. Each room features free high-speed Internet access, a large flat-screen TV with premium cable and HBO, a microwave and a refrigerator. The property has an indoor pool and business center, and it offers a free continental breakfast.

The hotel is located close to Catawba Island, Marblehead and Sandusky, OH. Leisure attractions include Island Adventures Family Fun Center, Kelly’s Island and Adventure Bay. The hotel is the preferred location for the Davis-Besse Nuclear Power facility, Fenner Dunlop and Lafarge. The hotel also caters to the Army National Guard, U.S. Coast Guard and members of the Civilian Marksmanship Program as the property is ten minutes from Camp Perry.

“I was particularly impressed with the dedication ValueXpress gave to my transaction,” commented George Ruta, owner of the hotel. “I did not know my loan rep, Kevin Monahan, from a hole in the wall; yet he spent the night on a train to meet with me at 6:00 a.m. to see if he could help me improve the structure of my debt on this and other assets; and his trip north was in the brutal cold of December, when no one really wants to come to Port Clinton.”

“It’s true,” said Kevin Monahan, a Senior Loan Originator from ValueXpress who orchestrated the transaction with Senior Underwriter Jim Brett. “I was in Baltimore, MD on another transaction and hopped an overnight train to Sandusky, OH. I am a believer in face-to-face meetings with clients, and this one was no exception.”

With this loan finished, ValueXpress is now working on a follow-on transaction for George; that Best Western Plus property transaction should close in May.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $8-Million CMBS Conduit Loan for a 175-Room Best Western Plus in Baltimore, MD

ValueXpress obtained an $8-million first-mortgage loan that was utilized to refinance existing debt secured by a 175-room Best Western Plus hotel and convention center located in Baltimore, MD. The 3 Diamond AAA hotel is a 12-story, interior corridor hotel that was constructed in 1987; it contains approximately 38,000 square feet of meeting, event and banquet facilities. The property is conveniently located adjacent to I-95, providing easy access to Baltimore’s Inner Harbor, the Baltimore National Aquarium, Oriole Park at Camden Yards, M&T Ravens Stadium and the Maryland Science Center.

The property provides a complimentary hot buffet breakfast, shuttle service, free Wi-Fi and business center, and an indoor pool and fitness center. The property provides two ballrooms with a capacity of up to 400 guests. Dining options include Tradewinds Restaurant located adjacent to the lobby or Toby’s Dinner Theatre located on the mezzanine level of the hotel.

“The transaction was completed efficiently,” commented Gary Unkel, the deal manager on the transaction. “The borrower was well organized and responsive, allowing the transaction to proceed smoothly with the guidance of ValueXpress underwriting staff in the time frame that was required. The result was another very satisfied CMBS conduit borrower.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Closes $4,150,000 Fannie Mae Loan for Cordoba Apartments in Hampton, VA

ValueXpress obtained a $4-million Fannie Mae loan approval from its Fannie Mae partner to refinance a 168-unit Class B apartment community property on a 22-acre site that was built in 1975 by the borrower, Cordoba LLC. The property is located in Hampton, VA. The loan will repay a short-term loan in the amount of $3 million and provide for reimbursement of capital improvements utilized to convert the property from landlord-paid HVAC to tenant-paid HVAC. Furthermore, the new loan will provide for a capital improvement reserve to replace kitchens and bathrooms as apartment units turn over. The loan was structured with a 10-year term based on a 30-year amortization schedule, with a fixed rate in the low 4% area.

"This transaction is a follow-on to a Fannie Mae Small Balance loan transaction we recently closed for the sponsor. Based on the positive experience, the sponsor immediately engaged ValueXpress to secure a Fannie Mae loan for this transaction," explained Michael D. Sneden, Executive Vice President of ValueXpress. "The borrower had applied for $4 million, but we were able to upsize the loan based on a better-than-expected appraisal value."

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $3.9-Million CMBS Conduit Loan for the Refinance of a 71-Room LaQuinta Inn & Suites in Katy, TX

Kiran Shah, Owner, and Gracie Gonzalez, Manager, of the LaQuinta Inn and Suites – Katy, TX

ValueXpress has arranged a $3.9-million CMBS conduit loan for the refinance of a LaQuinta Inn & Suites constructed in 2007 in Katy, TX. The property, a 4-story, 71-room interior-corridor hotel, is constructed by the sponsors to LaQuinta Inn & Suites brand standards. The property features 19 suites, 24 king and 26 double queen rooms. Each room features free high-speed Internet access, a large 27-inch TV with premium cable and HBO, a microwave and a refrigerator. The property has an outdoor pool and business center, and it offers a free continental breakfast.

The hotel is located approximately 25 miles west of Houston’s central business district in the city of Katy, which has seen a tremendous amount of growth over the past several years. The prominent development in proximity to the hotel is the 1.3-million-square-foot Katy Mills Mall on I-10, minutes from the subject property. Commercial development is located primarily on the main thoroughfares around the Katy Mills Mall and Grand Parkway, providing business demand for the LaQuinta Inn & Suites.

“My experience with Jay, Mike and Jim from ValueXpress on this transaction was exceptional,” said Kiran Shah, owner of the property. “Jay immediately came to my property from Mississippi to help me with my documentation, and Mike and Jim continued to work on the transaction while I was in India. But best of all? Mike and his team obtained more money than what I applied for, which helped me immensely.”

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.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains Another $1-Million Conventional Loan for an Industrial Building for a Brooklyn, N.Y.-Based Clothing Exporter; This Time It’s for His Brother!

ValueXpress obtained another conventional first mortgage loan commitment from its New York-based banking partner Country Bank to be secured by a 12,400-square-foot brick industrial building located in Bronx, NY; the loan commitment is for the brother of a sponsor for whom ValueXpress has arranged six financings. The bank intends to keep the loan in its portfolio with the other six loans. This loan will allow the client to purchase the property and further expand its business. The transaction was structured with a 5-year loan term, with one 5-year extension option. The loan will amortize on a 25-year schedule. The loan features a competitive fixed rate during the initial 5-year term.

The single-story property is located at the confluence of Southern Blvd, Freeman Street and Louis Nine Blvd in the Crotona Park section of the Bronx. The property has excellent visibility, offering 100 feet of frontage on Louis Nine Blvd. The property is located at the foot of the #2 and #5 subway station at Freeman Street, providing easy access to the east and west side of Manhattan.

Gary Unkel, senior loan originator for ValueXpress, originated the loan on behalf of the brother of this long-time client. Unkel commented, “The company needed additional warehouse and office space based on its rapidly expanding business, and Country Bank stepped in to meet the client’s needs.” The company deals in the sale of previously used clothing, footwear and toys. These items are purchased by the pound, and items in good condition are resold in vintage clothing stores in the New York metro area, while the balance is exported, primarily to Guatemala.

“We were pleased to deliver yet-another high-quality, well-located transaction to Country Bank,” Michael Sneden, Executive Vice President of ValueXpress, said. “The owner-occupant business generates over four times DSCR, and we anticipate this loan to be a high performer in the bank’s portfolio."

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $3.0-Million CMBS Conduit Loan for the Refinance of a 69-Room Country Inn & Suites in Fairborn (Dayton), OH

ValueXpress has arranged a $3.0-million CMBS conduit loan for the refinance of a Country Inn & Suites hotel constructed in 2006. Located in the Wright Patterson Air Force Base (AFB) section of Dayton, OH, the property is a 3-story, 69-room inn & suites hotel constructed by the sponsors to Country Inn & Suites brand standards.

Situated just off I-675, the Country Inn & Suites Fairborn South is six miles from Beavercreek and nine miles from Dayton. The hotel’s location near Wright Patterson AFB is convenient for visiting military personnel, and the hotel is 20 minutes from Dayton International Airport. The hotel is also proximate to the Dayton Convention Center, Wright State University, Central State University, Wilberforce University and the Mall at Fairfield Commons. The hotel offers a variety of excellent amenities, including complimentary Wi-Fi, a fully renovated Fitness Center, a heated indoor pool and a free breakfast buffet.

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.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $4.2-Million CMBS Conduit Loan for the Refinance of a 80-Room Candlewood Suites in Houston, TX

ValueXpress has arranged a $4.2-million CMBS conduit loan for the refinance of a Candlewood Suites constructed in 2008. Located in the Houston Medical Center section of Houston, TX, the property is a 4-story, 80-room extended-stay interior-corridor hotel constructed by the sponsors to Candlewood Suites brand standards.

The hotel, located adjacent to I-610, is targeted to business travelers and guests accessing the medical institutions in proximity to the property. Regional offices of energy companies, including Shell and Halliburton, are located nearby. The hotel offers complimentary shuttle service to the major medical institutions such as MD Anderson Cancer Center, Texas Christian Hospital and Baylor Clinic. Furthermore, the hotel is ideal for leisure travelers visiting Reliant Park, the museum district, or the Galleria shopping district.

The property features a host of complimentary amenities, including high-speed wireless Internet access, guest laundry services and a fitness center with TV. Guests can enjoy snacks purchased on site from the Candlewood Cupboard and the Gazebo Grill.

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.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $30 Million in Loans for JPMorgan/Ladder Capital CMBS Issue

ValueXpress arranged $30 million of hospitality loans that were recently included in a $1.1-billion multi-borrower CMBS offering by J.P. Morgan and Ladder Capital that priced on December 12. The offering included 45 loans; the majority were retail (45%) and office (26.3%), but also included in the issue were 10 hospitality loans, representing the third-largest asset class (11.8%). Of the hotel loans, 5 were arranged by ValueXpress: the 84-room Staybridge Suites – Corpus Christi, TX; the 88-room Holiday Inn Express – Corpus Christi, TX; the 56-room LaQuinta – Fresno, CA; the 74-room Comfort Inn – Panama City Beach, FL; and the 61-room Comfort Inn – Corpus Christi, TX.

“We have been working on a steady stream of hospitality and non-hospitality loans that have been included in many CMBS issues this year,” commented Jim Brett, senior underwriter at ValueXpress. “I am pleased to report that none of our loans have been “kicked out” of any issue and have been profitable to our CMBS conduit lenders, while at the same time providing attractive fixed-rate loans to our borrowers.”

“Well, we put our money where our mouth is, as on one side we arranged loans for this CMBS issue, and on the other side, we purchased $5 million of Class B securities from the issue for our affiliate Country Bank. Obviously, we believe the credit characteristics of the issue are strong and we expect low defaults during the life of the issue,” Brett said.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges $5.4-Million CMBS Conduit Loan for the Refinance of a 75-Room Candlewood Suites in Kingwood, TX

ValueXpress has arranged a $5.4-million CMBS conduit loan commitment for the refinance of a Candlewood Suites constructed in 2010 located in the Kingwood section of Houston, TX. The property is a 3-story, 75-room extended-stay interior-corridor hotel constructed by the sponsors to Candlewood Suites brand standards.

The hotel, located near George Bush Intercontinental Airport, provides a free shuttle that runs to the airport and anywhere else within a five-mile radius of the hotel. Kingwood Medical Center, Administaff, Chevron-Phillips Chemical and Westronics are all easily accessible from the hotel, which is location off Highway 59.

The property features a host of complimentary amenities, such as guest laundry services, a fitness center with TV and high-speed wireless Internet access.

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.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges CMBS Conduit Loan on a Portfolio of 3 Limited-Service Hotels in Corpus Christi, TX

Dhiren "Dee" Bhakta, GM of Comfort Suites – Corpus Christi, TX.

ValueXpress arranged a large CMBS conduit financing for a portfolio of 3 limited-service hotels, the Staybridge Suites – Corpus Christi, Holiday Inn Express – Corpus Christi and Comfort Suites – Corpus Christi. The borrower was an affiliate of ZJZ Hospitality, Inc., which is controlled by local Corpus Christi hotel owner, developer and manager Deven Bhakta.

Kaushi “Charley” Bhakta, GM of Staybridge Suites – Corpus Christi, TX.

The transaction provided a return of excess equity in the assets and the non-recourse loan replaced recourse financing. “I am growing my company and portfolio, and I realized it was time to utilize the capital markets to access fixed-rate non-recourse debt like my larger competitors,” said Deven. “I was impressed by the service I received from ValueXpress and the CMBS conduit lender; the company delivered on what it said within the time frame outlined at the beginning of the transaction.” said Bhakta. “By maintaining the closing schedule, I received the rate I was quoted.”

“After a conference call on a Saturday with the CMBS conduit lender in which Deven said ‘the deal is a go’ my associate, Jay Bhakta, and I were on planes to Corpus Christi that night,” said Michael D. Sneden, Executive Vice President of ValueXpress. “We pulled out our computers, scanners and diligence checklists and worked three solid days on site to complete the entire property diligence checklist, allowing resources to immediately move to the legal side and ample lead time to meet the closing schedule. Deven had never completed a capital markets transaction, as is the case with many of our clients, so we guided him each step of the way.”

“The transaction was a great experience for me and I anticipate using the capital markets for debt financing on subsequent projects that are either in the development or stabilization phase,” said Deven. “Using non-recourse debt frees up my capacity to use community bank debt for construction of new properties or repositioning/renovation of existing properties that I can then bring into the capital markets when stabilized.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $5,600,000 Fannie Mae Loan Approval

ValueXpress obtained a $5.6-million Fannie Mae loan approval from its Fannie Mae partner to refinance a 141-unit Class B apartment portfolio consisting of nine two- and three-story apartment building locations in the Ocean View section of Norfolk, VA. The properties are impeccably maintained by a local apartment investor and are well known in the community; they sport distinctive “beach pastel” exterior colors and funky names, such as Surfrider Apartments. Many of the units face the beach and are favorites of military and student renters in the market. The properties are 98% occupied, and luckily, they weathered Hurricane Sandy without significant damage.

“Despite the excellent operating performance of the portfolio, it provided significant underwriting work to get this loan processed,” said Jim Brett, chief underwriter at ValueXpress. “First, we had to obtain a waiver from Fannie Mae because the properties are non-contiguous. Once we cleared that issue, Fannie Mae indicated the cash flows for all nine properties for the prior 3 years and trailing 12 months had to be “rolled up” into a combined cash flow. The borrower’s existing accounting software could not do it, but we were able to export the data into a QuickBooks accounting program, restore the data and export it into an Excel workbook. We rolled up 36 worksheets in an effort that took 20 hours to complete.”

The borrower was very happy that ValueXpress was willing to complete the accounting conversion to allow the transaction to move forward with Fannie Mae, which will provide a very attractive rate and cash-out proceeds that would not have been achieved in an alternative apartment loan program.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains a $1.5-Million Conventional Loan for an Industrial Building for a Brooklyn, N.Y.-Based Clothing Exporter

ValueXpress obtained a $1,500,000 conventional first mortgage loan commitment from its New York-based banking partner Country Bank to be secured by a 14,000-square-foot brick industrial building located in Brooklyn, NY. The bank intends to keep the loan in its portfolio. This loan, which will allow the client to purchase the property and further expand its business, is the second for this client; Country Bank also provided an SBA 504 loan secured by two other industrial properties located in Brooklyn, NY.

Gary Unkel, Senior Loan Originator for ValueXpress, originated the loan on behalf of this long-time client. Unkel commented, “The company needed additional warehouse and office space based on its rapidly expanding business, and Country Bank stepped in to meet the client’s needs.” The company deals in the sale of previously used clothing, footwear and toys. These items are purchased by the pound, and items in good condition are resold in vintage clothing stores in the New York metro area, while the balance is exported, primarily to Guatemala.

“We were pleased to deliver this high-quality, well-located transaction to Country Bank,” Michael Sneden, Executive Vice President of ValueXpress, said. “The owner-occupant business generates over four times DSCR, and we anticipate this loan to be a high performer in the bank’s portfolio."

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $5-Million CMBS Conduit Loan Commitment for the Refinance of a 56-Room LaQuinta Inn & Suites in Fresno, CA

ValueXpress obtained a $5.0-million CMBS conduit loan commitment for the refinance of a LaQuinta Inn & Suites located in Fresno, CA that was constructed in 2007. The property is a 3-story, 56-room interior-corridor hotel constructed by the sponsors to LaQuinta brand standards. The property is in the top quartile in terms of performance within its competitive set. Furthermore, the property was awarded the “LaQuinta Inn & Suites of the Year” award in 2008. This award-winning hotel is located just minutes away from area malls, convention centers, and Grizzly Stadium. The property is within an easy drive to Yosemite National Park as well as Sequoia and Kings Canyon National Parks.

“The transaction was fast tracked as the existing loan is pre-payable only during a very narrow window,” explained Jim Brett, the deal manager for ValueXpress. “The CMBS conduit lender, the borrower and the respective legal counsels really stepped up to the plate to get this done on time,” said Brett.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Closes $4.3-Million CMBS Conduit Loan for the Refinance of a 74-Room Comfort Suites in Panama City Beach, FL

ValueXpress arranged a $4.3-million CMBS conduit loan for the refinance of a Comfort Suites constructed in 2005 in Panama City Beach, FL. The property is a 3-story, 74-room interior-corridor hotel constructed by the sponsors to Comfort Suites brand standards. The hotel is located just ¼ mile from the white sandy beaches of Panama City. The hotel is strategically situated to capture corporate and tourist clients. Within a 5-mile radius guests have access to shopping, dining, entertainment, golf, medical facilities and the world-famous beach. In 2011 the hotel upgraded with new paint in all guest rooms and common areas, new bedding in all guest rooms and flat-panel televisions.

“The transaction was important to the client as the existing lender wanted to exit the loan, and the borrower wanted to separate a valuable piece of adjacent land from the collateral, allowing for future development,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “Both of these objectives were accomplished with this CMBS loan, and the client was very satisfied with the execution by ValueXpress and the CMBS conduit lender.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $4.8-Million SBA 7(a) Loan Commitment for a Candlewood Suites Limited Service Hotel in Baytown, TX

ValueXpress obtained a $4.8-million SBA 7(a) first-mortgage loan commitment with its banking partner, Westbound Bank, for a 3-story, 81-room extended-stay interior-corridor hotel constructed by the sponsors to Candlewood Suites brand standards. Room mix is 4 king studio suites and 77 double queen studio suites. Each suite features a fully equipped kitchen, large workspace and recliner. Kitchens include full-sized refrigerator/freezer, cook-top, microwave, dishwasher, sink, cooking utensils, and dishes. The property features the Candlewood Cupboard, where guests can purchase food, beverages and toiletries. Additional amenities include the Gazebo Grill, guest laundry, lending library, Candlewood Gym and outdoor pool.

The property is situated east of Houston off I-10, 30 minutes from Hobby Airport. The location in Baytown allows for easy access to popular area attractions and business destinations. Local tourist spots include Pirates Bay Waterpark and Houston Raceway Park. Notable historic sites, including Battleship Texas and San Jacinto Monument, are within a short drive of the hotel.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $8-Million Loan Commitment for a Holiday Inn Express Hotel in Maspeth, NY

ValueXpress obtained an $8-million first-mortgage loan commitment through participation by two commercial banks, Community National Bank, headquartered in Great Neck, NY, and First Trade Union Bank, located in Hauppauge, NY. Community National took the lead with a $5-million piece, and First Trade took the balance.

“It’s hard enough to get a conventional loan approved by one bank, let alone two,” commented Kevin Monahan, a senior loan originator at the ValueXpress Northern NJ office. “Throw in cash-out and a land lease and I had banks pretty much hanging up the phone when I presented the transaction.”

“It is somewhat cliché when I say this is a relationship business, but that’s what made this deal a success story. I called a long-time colleague of mine, Ed McElroy at First Trade Union Bank who tied in Mike Ogus at Community National, and the rest is history,” explained Monahan.

The subject property is a 6-story, 115-room limited-service interior-corridor hotel constructed by the sponsor to Intercontinental Hotel Group (IHG) brand standards in 2008; its grand opening was in September 2008. The property features 75 king rooms and 40 queen-queen rooms, 12 of which are suites. Free parking is available at the rear of the hotel. Amenities include complimentary breakfast, meeting room, fitness center, business center, parking facility, in-room safes, high-speed wireless Internet access and 42-inch LCD TVs.

“This is the fifth transaction completed for this client, and we have one more to go in the immediate future,” said Michael D. Sneden, Executive Vice President of ValueXpress. “The sponsor is very happy.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Closes $1.8-Million SBA 7(a) Loan, Saves Borrower’s “Life”

K.K. Patel was moved to tears as he explained that Jay Bhakta and ValueXpress “saved his life,” by negotiating a discounted pay-off (DPO) and arranging an SBA 7(a) loan to finance the DPO. “I have my life savings invested in this hotel,” explained K.K. “Without Jay I would have lost everything.”

“This was one of the hardest transactions I have worked on this year,” commented Jay Bhakta, a senior loan originator at the ValueXpress Jackson, MS office and 15-year ValueXpress veteran. “The Sleep Inn hotel, located near the Jackson, MS airport had seen business decline in the recession and the loan had been transferred to Trustmark Bank after the original bank, Heritage Bank, failed. Trustmark had no interest in working with the borrower who was late on loan payments,” said Bhakta.

Trustmark planned to quickly foreclose and dispose of the hotel. In desperation, K.K. contacted Jay based on a referral from another Asian-American in the community who knew that Jay was the only hope for K.K. to save his hotel.

“I went to Trustmark with the numbers and convinced the bank that it would take a substantial loss on the foreclosed property,” said Jay. “Trustmark agreed to a 30-day DPO on the $3.4-million note for a cash payoff of $1.8 million, but this was only half the battle. After preparing a turnaround plan and showing the plan to lenders, I got a nationwide SBA lender to make the loan; that added another satisfied ValueXpress client to our roster.”

K.K. Patel congratulates Jay Bhakta of ValueXpress on a job well done!

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $4.5-Million Loan Commitment for an Independent Limited-Service Hotel in Baltimore, MD

ValueXpress obtained a $4.5-million first-mortgage loan commitment with its NY banking partner, Country Bank, for the purchase of the fee interest in a 12-story, 97-room interior-corridor limited service hotel originally constructed in 1984 and operated as an independent. The property is located in the heart of Baltimore’s well-known Inner Harbor, in proximity to many of Baltimore’s famous attractions, restaurants and a thriving business district. The property is also near the Baltimore Convention Center, M&T Bank Park, Camden Yards, the Baltimore World Trade Center, Baltimore aquarium and Baltimore zoo.

“This commitment will allow the borrower, a long-time and highly respected client of ValueXpress and Country Bank, to bid on this asset at auction with an assurance that the transaction will be funded by the bank. The borrower has exposure to a substantial hard deposit that must be remitted within 24 hours of the bid,” said Michael D. Sneden, Executive Vice President at ValueXpress. “We are very proud that this particular client has the confidence in ValueXpress and Country Bank to complete this transaction, selecting us as lender despite having other loan offers for more loan proceeds. In the end, our track record of 100% success in funding three prior transactions for this client outweighed the extra proceeds offered by competitors.”

The hotel was a CMBS conduit loan that defaulted and the property was foreclosed by the servicer. It is currently underperforming and requires hands-on management and capital investment to return performance to market levels.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Closes $4.5-Million Loan for an Independent Limited Service Hotel in Jamaica, NY

ValueXpress closed a $4.5-million first-mortgage loan commitment with its New York banking partner, Country Bank, for the purchase of the fee interest in a 72-room interior-corridor limited service hotel originally constructed in 2006 and expanded in 2008-2009 (re-opened January 2010) operating under a Quality Inn franchise. The Quality Inn Jamaica AirTran hotel is conveniently located 10 minutes from John F. Kennedy International Airport and LaGuardia Airport with easy access to Manhattan. Simultaneously with the closing on the purchase, the current land lease between Borrower, Purchaser and Lessee Hariohm Realty LLC and Seller and Landlord Luis Morica was be extinguished, allowing the loan security for the transaction to be a first-mortgage position on the fee interest.

“The transaction took a bad turn early on as the original lender on the transaction approved the loan for less proceeds than what was applied for,” commented Jim Brett, the ValueXpress underwriter on the transaction. “The original lender was uncomfortable with the amount of cash-out proceeds to the borrower despite LTV under 60% and significant equity that remained in the property after the cash out. We were able to bring Country Bank in at the last minute to provide full proceeds to the borrower.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $4,000,000 Fannie Mae Loan Approval

ValueXpress obtained a $4-million Fannie Mae loan approval from its Fannie Mae partner to refinance a 168-unit Class B apartment community property on a 22-acre site that was built in 1975 by the borrower, Cordoba LLC. The property is located in Hampton, VA. The loan will repay a short-term loan in the amount of $3 million and provide for reimbursement of capital improvements utilized to convert the property from landlord-paid HVAC to tenant-paid HVAC. Furthermore, the new loan will provide for a capital improvement reserve to replace kitchens and bathrooms as apartment units turn over.

“This transaction is a follow-on to a Fannie Mae Small Balance loan transaction we recently closed for the sponsor. Based on the positive experience, the sponsor immediately engaged ValueXpress to secure a Fannie Mae loan for this transaction,” explained Michael D. Sneden, Executive Vice President of ValueXpress.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $1,580,000 SBA 7(a) Loan Commitment for an AmericInn Limited Service Hotel in Munising, MI

ValueXpress obtained a $1,580,000 SBA 7(a) first-mortgage loan commitment with its banking partner, Huntington Bank, for the purchase of a 2-story, 62-room limited-service franchised hotel located in Munising, MI and operating under the flag of AmericInn. The property was constructed in 2005. AmericInn Munising is centrally located in the beautiful Upper Peninsula of Michigan, just miles from the shore of Lake Superior and Pictures Rocks National Lakeshore. Guests of all ages enjoy the hotel’s Splash Bay Family Fun Center, which includes a relaxing indoor pool, hot tub and sauna.

The AmericInn franchise is a chain of over 150 hotels located primarily in the Midwest that offers a variety of comfortable, quieter room types, including suites with whirlpools and fireplaces. AmericInn prides itself on its unmatched service and remarkable amenities like free, hot, home-style AmericInn Perk breakfast, free hotel-wide high-speed Internet and Splash Bay Family Fun Center.

“The purchase transaction is for less than the amount owed on the existing SBA debt,” explained Kevin Monahan, a senior loan originator at the ValueXpress northern New Jersey office that orchestrated the loan. “The transaction was complex as we had to get the SBA to agree to take a loss on the existing loan and be willing to guarantee the loan for the new borrower, which it did.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $4.5-Million Loan Commitment for an Independent Limited Service Hotel in Jamaica, NY

ValueXpress obtained a $4.5-million first-mortgage loan commitment with its New York banking partner, Country Bank, for the purchase of the fee interest in a 72-room interior-corridor limited service hotel originally constructed in 2006 and expanded in 2008-2009 (re-opened January 2010) operating under a Quality Inn franchise. The Quality Inn Jamaica AirTran hotel is conveniently located 10 minutes from John F. Kennedy International Airport and LaGuardia Airport with easy access to Manhattan. Simultaneously with the closing on the purchase, the current land lease between Borrower, Purchaser and Lessee Hariohm Realty LLC and the Seller and Landlord Luis Morica will be extinguished, allowing the loan security for the transaction to be a first-mortgage position on the fee interest.

“This is our third transaction with this client,” commented Michael D. Sneden, Executive Vice President of ValueXpress. “In each instance we delivered. We are now working on two additional financing assignments with this client: a construction loan for a limited service hotel near Yankee Stadium in the Bronx and a CMBS conduit loan secured by a Holiday Inn Express hotel located in Maspeth, Queens, N.Y.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Provides $1,800,000 Fannie Mae Small Balance Loan

ValueXpress provided a $1,800,000 loan secured by a 54-unit garden apartment complex located in Hampton, VA. The property was purchased in 2005 by the sponsor, a local investor who owns multiple apartment complexes in the Hampton, VA market. The purpose of the loan was to refinance a maturing Fannie Mae loan. The 65% LTV, 10-year fixed-rate loan amortizes based on a 30-year schedule and was locked at an interest rate in the mid-4% area.

“The sponsor was able to extract significant cash-out from this transaction for use in another real estate project,” commented Michael D. Sneden, Executive Vice President of ValueXpress. “We worked through military concentration issues with Fannie Mae to be able to deliver the cash proceeds that were applied for.”

“Based on our success with this transaction, we are moving to complete Fannie Mae financings on two other larger projects owned by the sponsor that will result in significant interest savings as the other projects have relatively high interest rates,” Sneden said.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $12,100,000 CMBS Loan for a Hampton Inn Hotel in Linden, NJ

ValueXpress arranged financing for the Hampton Inn – Linden, a 149-room interior corridor limited service hotel constructed in 2003. Located in Linden, Union County, 3 miles east of the Garden State Parkway and 3 miles west of the New Jersey Turnpike in northern New Jersey, the property is franchised by Hilton Corporation under its Hampton Inn brand.

The property is owned by Ghanshyam Hospitality, LLC. The sponsor of Ghanshyam Hospitality, LLC has now completed three transactions with ValueXpress and its affiliate, Country Bank. The Hampton transaction was structured with a 5-year term and a 25-year amortization schedule. The non-recourse loan carries a fixed rate below 6%. The transaction allowed the borrower to capture a discount on the loan payoff as the prior loan had been sold to a hedge fund despite perfect payment history.

“The sponsor is one of our best clients,” commented Michael D. Sneden, Executive Vice President of ValueXpress. “His team is organized, smart, and can move quickly to seize an opportunity. Our job at ValueXpress is to be there for the sponsor’s financing needs, and when he says jump, we ask, “how high?”

“Our array of products has solved each of the most recent financing needs, a non-recourse bridge loan on a large hotel at Newark Airport, a recourse bank loan to purchase a foreclosed hotel in Long Island City and now this transaction, which replaces a recourse loan with a non-recourse structure,” Sneden said.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $2.4-Million SBA 7(a) Loan Commitment for a Comfort Suites Limited Service Hotel in Houston, TX

ValueXpress obtained a $2.5-million SBA 7(a) first-mortgage loan commitment with its banking partner, Westbound Bank, for a 2-story, 64-room limited-service franchised hotel located in Houston, TX and operating under the flag of Comfort Suites. The property was constructed in 2000. The building, situated on State Highway 249 next to Vintage Park Shopping Village, has several restaurants and retail venues. The hotel offers a quiet suburban location across the street from Hewlett-Packard USA and Lone Star College-University Park. Willowbrook Mall, St. Luke's Episcopal Hospital, Methodist Hospital and Sam Houston Race Park are in proximity to the hotel.

“This is a good repeat client of mine who wanted to refinance out of his existing bank,” commented Jay Bhakta, a senior loan originator at the ValueXpress Jackson, MS office. “We recently completed a CMBS conduit loan for this client, and we established with the client a confidence that we could complete this 7(a) loan transaction through our broad array of products available to the hospitality industry.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains a $250,000 Loan Approval for an Independent Gasoline Station in Mississippi

ValueXpress obtained a $250,000 conventional first-mortgage loan approval from one of its Mississippi banking partners for the refinancing of a gasoline station located in a suburb of Jackson, MS. The facility is a 3-bay, 6-pump operation that provides 3 grades of gasoline plus diesel. The station is located on a high traffic volume intersection with easy in-and-out access. As a result, the station does over 2 million gallons of fuel sales annually.

“This is a good client of mine who needed to get out of his existing bank, but had utilized his SBA authorization,” commented Jay Bhakta, a senior loan originator at the ValueXpress Jackson, MS office. “It is tough to find conventional gasoline station loans right now, but with our excellent banking relationships in Mississippi, I was able to place this loan for my client.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $33,750,000 CMBS Loan for 3 Hotels in West Virginia

ValueXpress arranged financing for three limited- and select-service interior corridor hotels constructed in 2008 and 2009 and located in West Virginia. The transaction was structured with a 10-year, fixed-rate term based on a 25-year amortization schedule. The properties, owned by Mountain West Hospitality LLC, are located in the cities of Clarksburg, Morgantown and Elkins. Clarksburg is located on I-79 at the intersection of US Highway 50 in northern West Virginia. Pittsburgh, PA is 60 miles north of Clarksburg via I-79. The Hilton Garden – Clarksburg property is located at exit 117 on I-79 and has excellent visibility from the interstate. The property, adjacent to a Wal-Mart Superstore shopping center, has exceeded 80% occupancy annually since opening. The Hilton Garden – Morgantown is located two miles from I-79 and I-68, five miles south of the Pennsylvania border. The property, part of the Suncrest Towne Center retail center, is located at the intersection of State Route 705 and Stewartstown Road in close proximity to West Virginia University's main campus and centrally located within the market. The Hampton Inn – Elkins is located approximately 25 miles east of I-79 along US 219/250. The local neighborhood consists primarily of retail centers, including a Super Wal-Mart, Food Lion and other big box retailers. The area is popular for tourism with four thriving ski resorts and outdoor recreation provided by the adjacent Monongahela National Forest.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains a $1,400,000 SBA 7(a) Loan Commitment for a Best Western Hotel in Canton, MS

ValueXpress obtained a $1,400,000 first mortgage loan commitment from a southeastern U.S. banking partner secured by a 48-unit Best Western hotel in Canton, MS. The loan commitment is subject to receipt of an SBA 7(a) loan guarantee.

The building was constructed in 2000 and consists of 23,782± square feet of gross building area and 48 guest room units, including 18 Kings, 2 King Jacuzzi suites, and 28 Doubles. The subject was originally constructed as a 50-unit motel; however, one room is occupied by the owner and a second was converted to an exercise facility, as required by the franchise. The subject property has a typical registration area and a lobby with a breakfast area and kitchen. Interior corridors runs east/west in the middle of the building on each floor; vending machines are located in these areas. Other areas include office, laundry, and pool.

The transaction was orchestrated by Jay Bhakta, senior loan originator at the ValueXpress Jackson, MS office. “This property is owned by a good client of mine who looked to me to complete a complex ownership restructuring in conjunction with the refinance. I have a lot of experience in these types of transactions and was able to advise my clients on how to get it done.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Closes Loan Secured by Mixed-Use Industrial Property in Brooklyn, NY

ValueXpress arranged a $2,325,000 first mortgage loan secured by a mixed-use office/warehouse/showroom building that is 100% owner-occupied by a plumbing supply company. The building consists of 19,200 square feet and includes four floors plus a basement, situated on a 0.147± acre site. Each of the four floors contains 4,800 square feet with 14-foot ceilings. The property is located in the neighborhood of Sunset Park in Kings County, Brooklyn, New York. The transaction featured a 25-year term with an initial 5-year fixed-rate period. Loan payments are based on a 25-year amortization schedule.

“What was amazing about the location of this property is the appraiser surveyed 15 retail properties located in the subject property’s market and found virtually no vacancy,” said Michael Sneden, Executive Vice President of ValueXpress. “How’s that for a strong market?!

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains an SBA 504 Loan Commitment for the Acquisition of a Country Inn & Suites Limited Service Hotel in New Jersey

ValueXpress obtained a $6,950,000 first-mortgage loan commitment from its New York banking partner, Country Bank, in conjunction with an SBA 504 second mortgage for the acquisition of a seven-story, 210-room, limited service hotel constructed in June 2003; the property is located in northern New Jersey. Room mix is 157 standard guest rooms, 42 parlor suites, 2 hospitality suites and 9 Jacuzzi suites; the limited service hotel also includes a large breakfast room, country store, business center, one meeting room, fitness room, indoor pool and a 24-hour shuttle to the airport. The hotel was developed by a corporate owner.

The transaction was time sensitive as another bank working on the loan was unable to complete the transaction. Country Bank obtained the green light to work on the loan shortly thereafter and approved the loan in ten days.

“Country Bank is an entrepreneurial partner,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “The bank is family owned and the decisionmakers are right down the hall from my office. When they say they will get a deal done, they will. And very quickly.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Closes SBA 7(a) Loan Secured by Dental Office

ValueXpress closed on a $485,000 first-mortgage loan commitment with its affiliated bank, Country Bank. The loan, an SBA 7(a) loan, was approved based on the SBA’s approval of a 90% guarantee under the Jobs Act program. The transaction was approved on a floating-rate basis with a 6% start-rate and a cap of 9.75%, the rate the borrower was paying on its prior loan. This way, as long as the rate stays below 9.75%, the borrower will save relative to the old loan.

The borrower, a dentist, owns a 1.5-story medical office building that was originally constructed in 1951 (gut renovated/converted in 2007). The facility, located in Bergen County, NJ, contains 3,100± square feet of gross building area that is in very good overall condition.

Once the transaction was committed, Country Bank obtained an environmental report that indicted that an underground heating oil tank may have been abandoned on-site, and after additional research, the probable location of the tank was found. A contractor was hired to excavate and remove the tank, but on excavation, it was discovered that the tank had leaked and contaminated the soil.

“We then began assisting the borrower in remediation, collecting bids for soil removal and helping the borrower apply for reimbursement from a State of New Jersey remediation program,“ said Michael D. Sneden, Executive Vice President at ValueXpress. “In addition, we petitioned the SBA to extend its commit to preserve a 90% guarantee and fee waiver until December 31, 2011 and the SBA concurred.”

After Jim Brett, senior underwriter at ValueXpress, said, “Closing this transaction was like pulling teeth.” he was promptly thrown out of our office for making a bad joke.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $4.125-Million CMBS Conduit Loan for the Refinance of an 84-Room Candlewood Suites

ValueXpress has obtained a $4.125-million CMBS conduit loan commitment for the refinance of a Candlewood Suites constructed in 2008 in Augusta, GA. The property is a 3-story, 84-room extended-stay interior-corridor hotel constructed by the sponsors to Candlewood Suites brand standards. The property recorded the highest occupancy in 2011 of any Candlewood Suite property in the franchise system. Room mix is 18 king studio suites and 66 double queen studio suites. Each suite features a fully equipped kitchen, large workspace and recliner. Kitchens include full-sized refrigerator/freezer, cook-top, microwave, dishwasher, cooking utensils, dishes and sink. The property features the Candlewood Cupboard, where guests can purchase food, beverages and toiletries. Additional amenities include the Gazebo Grill, Guest Laundry, Lending Library, Candlewood Gym and outdoor pool.

The property is located 2 miles from Augusta National Golf Course (home of “The Masters”) and in proximity to several colleges, medical centers and the Augusta Museum of History.

The loan provides for a 10-year term with a 20-year amortization schedule and is non-recourse. Financing was provided by an active CMBS conduit lender that has an ongoing relationship with ValueXpress to originate additional CMBS conduit loans.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Arranges Rate Reduction for Hair Salon in Long Island, NY

ValueXpress has arranged an SBA 504 loan transaction to refinance a conventional owner-occupied real estate loan held by its affiliate, Country Bank. The existing $990,000 loan carries an interest rate in excess of 8% and will be refinanced with a new first mortgage from Country Bank in the mid-6% area for approximately $550,000; the SBA will provide a second mortgage through its 504 program for approximately $440,000 at a rate of approximately 5.10%. The blended interest rate is expected to be less than 5.75%.

The property is a 5,000-square-foot single-story retail building located in the Hempstead area of Long Island, NY. The owner operates a hair salon, including coloring, styling, hair extensions and bridal services. In addition, ancillary services, including facials, massages, waxing and nail treatments, are offered.

“We are always trying to help our clients obtain lower-cost financing from available programs,” said Jim Brett, senior underwriter at ValueXpress. “The SBA 504 program is extremely attractive rate- and term-wise and we convinced Country Bank that its reduced exposure on the transaction -- by lowering its loan-to-value from about 80% to 50% -- was an excellent trade-off to reducing the bank’s rate on the first mortgage position from over 8% to the mid-6% area,” said Brett.

The borrower is expected to save over $600,000 in interest charges over the life of the new loan.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Closes $5-Million SBA 7(a) Loan Secured by an 81-Room Comfort Inn in Brooklyn, NY

ValueXpress closed on a $5-million first-mortgage loan commitment from its New York banking partner, Country Bank, for the purchase of a Comfort Inn limited service hotel in Brooklyn, NY. The property securing the loan is a newly constructed 4-story, 81-room limited-service hotel that opened in August 2011. The site lies in close proximity to the Brooklyn Passenger Ship Cruise Terminal and immediately adjacent to the Battery Tunnel leading into Manhattan. The property is 5 minutes from downtown Manhattan, within 2-5 miles of all major bridges and tunnels between Manhattan and New Jersey and has quick access to all major area airports. The hotel features 46 king rooms and 35 double-bed rooms. The hotel will have on-site guest parking, an amenity not available at competing hotels in the area. The property is subject to a ground lease that has a term of 48 years.

The loan was 90% guaranteed by the SBA under its 7(a) loan program. The loan was approved in 2010 while the property was under construction under President Obama’s Jobs Act, which waived the SBA fees on the transaction and provided a higher guarantee limit versus the 75% guarantee that is available today.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Closes $6,500,000 CMBS Conduit Loan Secured by a 242-Unit Apartment Complex located in Jacksonville, FL

ValueXpress closed a $6.5-million CMBS conduit first-mortgage loan on a 19-building, 2-story apartment complex constructed in 1972 and renovated in 2010 located in Jacksonville, FL. The transaction was a cash-out refinance of an existing loan that has been utilized to rehabilitate the property. The loan was structured with a 10-year fixed-rate term amortized based on a 25-year schedule.

The property is located within the heart of the city of Jacksonville, Duval County, FL, approximately a half mile from I-95, which allows for access to downtown Jacksonville, as well as Georgia and the southern parts of Florida. There is a substantial amount of residential development in the immediate area.

“The transaction was challenging in that the property recently completed a substantial rehabilitation and neither the income nor the expenses were stabilized,” commented Jim Brett, the ValueXpress underwriter on the transaction. “Many conduit lenders passed on the deal because of this issue; however, we have an excellent ongoing relationship with an investment bank that stepped up and hit the proceeds target for the borrower,” said Brett.

The transaction closed in 32 days. “The sponsor is a long-time client of ValueXpress and it was imperative that the transaction close without a hitch to maintain this very important relationship,” said Michael D. Sneden, Executive Vice President of ValueXpress. “I am thankful our investment banking partner performed so well on yet-another transaction.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Closes $875,000 SBA 7(a) Loan Secured by Americas Best Value Inn

ValueXpress closed an $875,000 first-mortgage loan on a 2-story, 40-room exterior corridor limited-service hotel built in 1987 on a 1.4-acre site in Canton, Madison County, MS. The property is franchised as an Americas Best Value Inn budget branded hotel. The property is located adjacent to I-55 at the intersection of Highway 22. The area is developed primarily with restaurants and other hospitality properties. The property’s business is heavily influenced by a 2-million-square-foot Nissan automobile manufacturing plant that was completed in 2003 and is located two miles south of the property. Additional demand arises from a myriad of suppliers to the plant in the area. The property features 23 double rooms and 17 king rooms.

“This transaction was very challenging as few lenders are interested in small, budget branded, exterior corridor hotels over 10 years old,” commented Jay Bhakta, senior loan originator at the ValueXpress Jackson, MS, office. “However, this property is owned by a good client of mine who has never been late on a payment in his life, and with a nationwide 7(a) lending relationship that likes smaller, good performing properties despite age, flag and exterior corridor configuration, I was able to get this loan closed.”

“Just before the closing, I found a title defect regarding the transfer of excess land to my borrower,” said Jay. “I put on my legal cap and got the lawyers together to get it fixed. All in a day’s work, I guess.”

The sponsors, Pakaj Patel (from left) and his son, Nirav Patel were so pleased with Jay and ValueXpress that they requested we post a photo of their property.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Closes $2.85-Million SBA Loan for a Hampton Inn Limited Service Hotel in Killeen, TX

ValueXpress closed a $2.85-million first-mortgage loan with a Texas banking partner, Herring Bank, for a 3-story, 62-room interior-corridor limited-service hotel built in 1999 on a 1.5-acre site in Killeen, Bell County, TX. The property is franchised as a Hampton Inn. Located in the southwest section of Killeen, the property is approximately two miles southeast of Fort Hood. Demand for the hotel arises primarily from commercial/business travelers visiting the city of Killeen. According to the guarantors, the source of business demand is diverse and includes Sallie Mae, AT&T and local banking institutions. ValueXpress processed an SBA 7(a) loan guarantee on behalf of Herring Bank, as the bank was not familiar with SBA 7(a) processing requirements.

“The transaction represents the second time ValueXpress has financed this property,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “We originally provided a 10-year, fixed-rate, non-recourse loan for the owner ten years ago. The loan recently matured and was extended while the subject loan was processed. As fixed-rate, non-recourse hotel loans require a minimum balance of $5 million, we obtained an SBA 7(a) loan for now, until the CMBS conduit loan minimum comes down, at which time we will likely refinance the loan into a CMBS conduit program.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Closes $5.15-Million Commitment for the Purchase of an Independent Limited Service Hotel in Long Island City, NY

ValueXpress closed on a $5.15-million first-mortgage loan commitment from its New York banking partner, Country Bank, for the purchase of an independent limited service hotel in the Long Island City section of Queens, NY. The property is a 3-story, interior corridor, 78-room, limited-service, non-franchised hotel constructed in 2001. Located 5 miles from LaGuardia Airport and 13 miles from John F. Kennedy International Airport, the hotel is in the heart of New York’s Long Island City. The property is minutes from Manhattan, across the Queensboro Bridge, providing access to Midtown Manhattan’s many attractions (including Grand Central, Bryant Park and Times Square). Citicorp Field and other New York City (NYC) destinations can be accessed by the NYC subway system located a few short blocks from the hotel.

“This deal follows a transaction that we closed a couple of months ago for this sponsor,” said Michael D. Sneden, Executive Vice President at ValueXpress. “The sponsor was impressed with the speed, efficiency and knowledge ValueXpress staff brought to the transaction. The prior deal had a critical time element and the sponsor had great financial exposure if the deal did not close. But it did, and on schedule,” said Sneden.

The property was purchased out of foreclosure and is underperforming. Country Bank was comfortable with the loan because the sponsor has an excellent track record for turning around underperforming hospitality properties by implementing better marketing plans, expense control and investment in capital improvements. The sponsor is currently implementing a $250,000 capital improvement plan.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Closes $5-Million CMBS Conduit Loan for the Refinance of an 81-Room Candlewood Suites

ValueXpress closed on a $5-million CMBS conduit loan for the refinance of a Candlewood Suites constructed in 2009 in Houston, TX. The property is a 3-story, 81-room extended-stay interior-corridor hotel constructed by the sponsors to Candlewood Suites brand standards in 2009; its grand opening was in March 2009. Room mix is 50 king studio suites, 23 double queen studio suites and 8 king one-bedroom suites. Each suite features a fully equipped kitchen, large workspace and recliner. Kitchens include full size refrigerator/freezer, cook-top, microwave, dishwasher, cooking utensils, dishes and sink. The property features the Candlewood Cupboard, where guests can purchase food, beverages and toiletries. Additional amenities include the Gazebo Grill, Guest Laundry, Lending Library, Candlewood Gym and outdoor pool.

The loan refinanced a recourse loan held by a community bank and allowed the borrower to recoup cash invested in the construction of the property. The loan provides for a 7-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 originate additional CMBS conduit loans.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $1.5-Million Commitment for the Refinance of a Self-Storage Property in a Northern Cincinnati, OH Suburb

ValueXpress obtained a $1.5-million first-mortgage loan commitment from a Midwest commercial bank for the refinance of a self-storage facility in Butler County, a northern Cincinnati, OH suburb. The commitment is subject to receipt of an SBA 7(a) guarantee.

Built in 1997, the 24,715-square-foot, one-story facility contains 164 storage units encompassing 20,890 square feet of gross building area and a free-standing office building with 3,825 square feet of gross building area. The 8 buildings are constructed of concrete block and steel walls, concrete slab foundation and metal roofing. Each unit has an exterior metal roll-up door.

“This is our first SBA 7(a) loan for a self-storage project,” commented Gary Unkel, a senior loan originator for ValueXpress who handled the transaction. “SBA loan guidelines were changed in 2010 to allow self-storage/mini storage or mini warehouse businesses as an eligible business type. The property must be owner-operated to qualify,” said Unkel.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Revives SBA 7(a) Loan Secured by Dental Office

In May 2010, ValueXpress obtained a $485,000 first-mortgage loan commitment with its affiliated bank, Country Bank, based on the SBA’s approval of a 90% guarantee under the Jobs Act program, just prior to the expiration of the stimulus program on May 31, 2010. The borrower, a dentist, owns a 1.5-story medical office building that was originally constructed in 1951 (gut renovated/converted in 2007). The facility contains 3,100± square feet of gross building area that is in very good overall condition, located in Bergen County, NJ.

Once the transaction was committed, Country Bank obtained an environmental report that indicted that an underground heating oil tank may have been abandoned on-site, and after additional research, the probable location of the tank was found. A contractor was hired to excavate and remove the tank, but on excavation, it was discovered that the tank had leaked and contaminated the soil.

“We then began assisting the borrower in remediation, collecting bids for soil removal and helping the borrower apply for reimbursement from a State of New Jersey remediation program,“ said Michael D. Sneden, Executive Vice President at ValueXpress. “In addition, we petitioned the SBA to extend its commit to preserve a 90% guarantee and fee waiver until December 31, 2011 and the SBA concurred.”

In July 2011, the borrower finally received a “No Further Action” letter signaling the remediation is complete. The loan is now scheduled to close in September under the terms of Country Bank and SBA commitments from May 2010.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $4.9-Million CMBS Conduit Loan for a 112-Unit Apartment Complex in Lousiana

ValueXpress obtained a $4.9-million CMBS conduit loan secured by a residential apartment complex located in Lake Charles, LA. The two-story garden apartment complex, built in 1978, consists of 112 rental apartments in 14 separate buildings. Significant renovation of the property was conducted during 2005-2006. The renovation included new stucco for the majority of the exterior walls, leasing office renovation, exterior paint, interior lights, carpet, appliances, new double-pane windows, HVAC components replacement and painting of cabinets. Property amenities include a swimming pool with sunning deck, playground, basketball court and picnic area. Other features include on-site laundry facilities, washer/dryer hook-ups, private patios/balconies, wood burning fireplaces and walk-in closets. The property was 97% occupied at closing. The 75% LTV 10-year fixed-rate loan amortizes on a 25-year schedule.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $5.15-Million Commitment for the Purchase of an Independent Limited Service Hotel in Long Island City, NY

ValueXpress obtained a $5.15-million first-mortgage loan commitment from its New York banking partner, Country Bank, for the purchase of an independent limited service hotel in the Long Island City section of Queens, NY.

The property is a 3-story, interior corridor, 78-room, limited service, non-franchised hotel constructed in 2001. The hotel is located 5 miles from LaGuardia Airport and 13 miles from John F. Kennedy International Airport in the heart of New York’s Long Island City. The property is minutes from Manhattan, across the Queensboro Bridge, providing access to Midtown Manhattan’s many attractions (including Grand Central, Bryant Park and Times Square). Citicorp Field and other New York City (NYC) destinations can be accessed by the NYC subway system located a few short blocks from the hotel.

“This deal follows a transaction that we closed about one month ago for this sponsor,” said Michael D. Sneden, Executive Vice President at ValueXpress. “The sponsor was impressed with the speed, efficiency and knowledge ValueXpress staff brought to the transaction. The prior deal had a critical time element and the sponsor had great financial exposure if the deal did not close. But it did, and on schedule,” said Sneden.

The new deal is similar. To secure the purchase, the sponsor has remitted a large contract deposit and the transaction is time critical. ValueXpress expects the transaction to close in 30 days, start to finish, meeting the needs of the client.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $7.4-Million CMBS Conduit Loan for a 176-Unit Apartment Complex in Texas

ValueXpress secured a $7.4-million CMBS conduit loan secured by a residential garden apartment complex located along I-45 between Houston and Dallas, Texas. The two-story garden apartment complex, built in 1984, consists of 176 rental apartments in 22 separate buildings. At closing, the property was 98% occupied. The 75% LTV 10-year fixed-rate loan amortizes on a 25-year schedule.

“This property is owned by a long-time CMBS conduit borrower client of ValueXpress,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “We are now seeing more multifamily deals as multifamily markets and property cash flows improve, and former CMBS conduit borrowers return to CMBS conduit product.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $875,000 Loan Commitment for an Americas Best Value Inn located in Canton, MS

ValueXpress obtained an $875,000 first-mortgage loan commitment on a 2-story, 40-room exterior corridor limited-service hotel built in 1987 on a 1.4-acre site in Canton, Madison County, MS. The property is franchised as an Americas Best Value Inn budget branded hotel. The property is located adjacent to I-55 at the intersection of Highway 22. The area is developed primarily with restaurants and other hospitality properties. The property’s business is heavily influenced by a 2-million-square-foot Nissan automobile manufacturing plant that was completed in 2003 and is located two miles south of the property. Additional demand arises from a myriad of suppliers to the plant in the area. The property features 23 double rooms and 17 king rooms.

“This transaction was very challenging as few lenders are interested in small, budget brand, exterior corridor hotels over 10 years old,” commented Jay Bhakta, senior loan originator at the ValueXpress Jackson, MS office. “However, this property is owned by a good client of mine who has never been late on a payment in his life, and with a nationwide 7(a) lending relationship that likes smaller, good performing properties despite age, flag and exterior corridor configuration, I was able to secure a commitment with a closing scheduled for the end of July.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $2.85-Million Loan Commitment for a Hampton Inn Limited Service Hotel in Killeen, TX

ValueXpress obtained a $2.85-million first-mortgage loan commitment with a Texas banking partner, Herring Bank, for a 3-story, 62-room interior corridor limited service hotel built in 1999 on a 1.5-acre site in Killeen, Bell County, TX. The property is franchised as a Hampton Inn hotel under the terms of a 20-year franchise that matures in July 2017. Located in the southwest section of the City of Killeen, the property is approximately two miles southeast of Fort Hood. Demand for the hotel arises primarily from commercial/business travelers visiting the city of Killeen. According to the guarantors, the source of business demand is diverse and includes Sallie Mae, AT&T and local banking institutions. The commitment is subject to an SBA 7(a) loan guarantee that will be processed by ValueXpress on behalf of Herring Bank.

“The transaction represents the second time ValueXpress has financed this property,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “We originally provided a 10-year, fixed-rate, non-recourse loan for the owner 10 years ago. The loan recently matured and was extended while the subject loan was processed. As fixed-rate, non-recourse hotels loans require a minimum balance of $5 million, we obtained an SBA 7(a) loan for now, until the CMBS conduit loan minimum comes down, at which time we will likely refiannce the loan into a CMBS conduit program.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $11-Million Commitment to Refinance a Franchised Limited Service Hotel at Liberty International Airport, Newark, NJ

ValueXpress obtained an $11-million first-mortgage loan commitment from a CMBS conduit lender to refinance a 162-room interior corridor limited service hotel constructed in 2002. The hotel is located in immediate proximity to Liberty International Airport in Newark, New Jersey. The property was sold to the current owner in November 2008. The existing lender is reducing its hospitality exposure and offered the borrower an opportunity to pay the loan off at a discount.

Room demand is nearly exclusively derived from the property’s proximity to Liberty International Airport. The subject property has maintained stable occupancy through the economic crisis and associated recession, maintaining it market-leading penetration.

“The transaction was a challenge in that the borrower needed 80% LTV to make the deal work,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “Most conduit lenders are at 65%-70% on CMBS hospitality loans, which would not have generated enough loan proceeds to make the numbers work. However, we have a pre-CMBS crash relationship with a CMBS team that provides higher leverage loans, splitting the loan internally into a senior piece for securitization and keeping the subordinate piece in portfolio,” said Sneden. “It was just what the doctor ordered for this deal.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $1.25-Million CMBS Conduit Loan for an Advance Auto Parts Retail Store in Southeast Florida

ValueXpress obtained a $1.25-million first-mortgage loan that was utilized to refinance existing debt secured by a 6,800-square-foot net leased retail building leased to Advance Auto Parts. The improvements are located on a 1-acre site and were constructed in 2006. The improvements are in excellent physical and functional condition. The property is in Broward County in the Miami-Ft. Lauderdale-Miami Beach MS. The loan transaction was structured as a 10-year term based on a 30-year amortization schedule. Loan-to-value was 75% and the property provides 1.25x net cash flow DSCR on actual income and expenses.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $3.5-Million SBA 7(a) Loan Commitment for a Independent Limited Service Hotel in Brooklyn, NY

ValueXpress obtained a $3.5-million first-mortgage loan commitment with its New York banking partner, Country Bank, from the SBA for an independent hotel located in Brooklyn, New York. The property securing the loan is a newly constructed seven-story, 72-room limited service hotel that opened in March 2011. The site, in the Bushwick section of Brooklyn, is in close proximity to Woodhull Hospital Center, a major local employer. The area has been undergoing a gentrification process with residents moving to the area for its convenience to Manhattan. The hotel features 54 queen rooms and 18 double bed rooms. The property is subject to a ground lease that has a term of 70 years.

“The transaction was a challenge as the deal was structured as a refinance in combination with a purchase of an existing partner’s ownership interest. In addition, the purchaser and seller of the ownership interest were relatives,” said Michael D. Sneden, Executive Vice President of ValueXpress. “Under SBA guidelines, if there is a transfer of ownership interest among relatives as part of the SBA loan, substantial justification of the purchase price must be provided. We provided the financial analysis to support the price of the transfer and received SBA approval,” noted Sneden.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $5.5-Million CMBS Conduit Loan for a Neighborhood Shopping Center Located in Suburban Atlanta, GA

ValueXpress obtained a $5.5-million first-mortgage loan that was utilized to refinance existing debt secured by a 20,000-square-foot neighborhood shopping center located in the Atlanta MSA. The property is currently 100% occupied by nine tenants. The property was constructed in 2004 and is in excellent condition. The loan transaction was structured as a 10-year term based on a 30-year amortization schedule. Loan-to-value was 75% and the property provides 1.25x net cash flow DSCR on actual income and expenses.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Closes $2,085,000 Multi-family Loan

ValueXpress closed on a $2,085,000 first-mortgage loan commitment secured by a 68-unit garden-style apartment community located in the southeastern portion of Alabama. The property was built in 1978 and renovated in 2005-2006. Renovations, which totaled $270,000, included upgrades to the pool, clubhouse, exterior and interior of the residential buildings. The improvements consist of 16 two-story buildings (plus a leasing office) situated on an 18.55-acre lot. The unit mix is 12 1-bedroom/1-bath units (578 square feet), 36 two-bedroom/1-bath units (925 square feet) and 20 two-bedroom/1.5-bath units (1,024 square feet). The buildings feature brick veneer, vinyl or wood clapboard siding with pitched built-up roofs, some of which are mansard. Unit amenities include central air-conditioning and dishwashers. Project amenities include a pool and a clubhouse/leasing office. At closing, the property was 97% occupied.

The property is owned by a local multi-family investor who purchased the property in 2005 for $1,950,000 including transaction costs. The loan refinanced a 5-year recourse loan held by a regional bank and allowed the borrower to recoup cash invested to complete the renovation. The loan provides for a 10-year term with a 30-year amortization schedule and is non-recourse.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains a $2,500,000 Commitment to Refinance a CVS Drugstore

ValueXpress obtained a $2,500,000 first-mortgage loan commitment from a CMBS conduit lender to refinance a construction loan that was utilized to construct a CVS drugstore in Tulsa, OK. The property is a newly-built prototype building with 13,225 square feet. The lease provides for a 25-year term, with a fixed net rent for 20 years and a rent bump for the remaining 5 years of the primary term. The lease provides for 6 five-year options thereafter. The loan has a 10-year term based on a 30-year amortization.

The property used to be occupied by an independent drug store and a fast food restaurant, both of which were demolished for the new construction. The location is the third in the Tulsa area as CVS continues its expansion throughout the state of Oklahoma.

“This transaction is an example that small loans of the right quality can get financed through CMBS,” said Michael D. Sneden, Executive Vice President at ValueXpress. “Credit-tenant drug stores like CVS and Walgreen’s are in high demand for CMBS loans.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

$945,000 Loan Closes for the Construction of a Multi-Tenant Retail Building

Guaranty Bank and Trust, a ValueXpress banking partner, closed on a loan for the construction of a 9,960-square-foot retail building located at 4207 Clay Street in Vicksburg, MS for a ValueXpress client. The loan amount will be $945,000 when fully funded. Total project costs are an estimated $1,545,000. The property will contain 7 tenant spaces, 5 occupied by companies owned and operated by the applicant. The 5 spaces will contain 4 businesses: a Subway restaurant, a liquor store/warehouse, an ice cream store and a hair salon. Owner occupancy will be 72%.

The short-term construction loan will be replaced by a 25-year permanent loan with an SBA 7(a) loan guaranty. ValueXpress has completed the loan package on behalf of Guaranty Bank and has submitted the loan to the SBA for 7(a) approval. The project is expected to be completed in six months and the loan converted to permanent status at that time.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Provides SBA 504 Loan for the Acquisition of a Holiday Inn Express Limited Service Hotel

ValueXpress closed a $2,705,000 first mortgage loan in conjunction with a $1,665,000 SBA 504 second mortgage loan utilized to acquire a 72-room interior-corridor property located in northeastern Columbus, Ohio. The property is in proximity to the Honda manufacturing plant located in Marysville and the Scotts Miracle-Gro Company. The hotel was constructed in 2002 and is in excellent condition. The property draws primary demand from business and leisure travelers along State Route 33. The 3-story property contains 32,000 square feet of space and has parking for 80 vehicles.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains a $945,000 Commitment for the Construction of a Multi-Tenant Retail Building

ValueXpress obtained a $945,000 first-mortgage loan commitment from its Mississippi banking partner, Guaranty Bank, for the construction of an 9,960-square-foot retail building located at 4207 Clay Street in Vicksburg, MS. The proposed loan amount is $945,000 and total project costs are an estimated $1,545,000. The property will contain 7 tenant spaces, 5 occupied by companies owned and operated by the applicant. The 5 spaces will contain 4 businesses, a Subway restaurant, a liquor store/warehouse, an ice cream store and a hair salon. Owner occupancy will be 72%. The commitment is subject to receipt of an SBA 7(a) loan guaranty. ValueXpress has completed the loan package on behalf of Guaranty Bank and has submitted the loan to the SBA for approval. The project is expected to be completed in 6 months.

“This a good client of mine who wanted to own the real estate in which they operate their businesses instead of leasing," commented Jay Bhakta, a senior loan originator at the ValuXpress Jackson, MS office. “It is tough to find construction loans right now, but with our excellent relationship with Guaranty Bank and the SBA, we were able to get this done for the client.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $4-Million Commitment to Refinance an Independent Limited Service Hotel in Brooklyn, NY

ValueXpress obtained a $4-million first-mortgage loan commitment from its New York banking partner, Country Bank, for an independent limited service hotel in Brooklyn, NY. The property is a 4-story and basement 62-room limited service non-franchised hotel operating under the dba of Imperial Hotel. The property was newly constructed in 2007. The building is "L" shaped with frontage on both East New York Avenue and Alabama Avenue. The building contains 6 rooms with double beds, 6 Jacuzzi rooms and 50 king/queen/single rooms. In addition, the property offers a lobby, check-in area and exercise room. The property is subject to a land lease with a 45-year term that expires in 2050, with one 25-year option to renew. As a result, the security for the loan will be a first leasehold mortgage.

“Country Bank stepped up for this client by increasing its current $2.875 million loan to $4 million, allowing the borrower to recoup equity for another hospitality project,” said Michael D. Sneden, Executive Vice President of ValueXpress. “In this environment where banks are reducing exposure to hospitality, Country Bank is increasing its exposure for good properties, which is terrific news for borrowers.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $4.5-Million SBA 7(a) Loan Commitment with 90% Guarantee for a Limited Service Hotel in Brooklyn, NY

ValueXpress obtained a $4.5-million first-mortgage loan commitment with its New York banking partner, Country Bank, from the SBA for a Quality Inn located in Brooklyn, New York. The property securing the loan is a four-story, 81-room limited service hotel scheduled to open in February 2011. The site lies in close proximity to Brooklyn Passenger Ship Cruise Terminal and immediately adjacent to the Battery Tunnel leading to Manhattan. The property is 5 minutes from downtown Manhattan, within 2-5 miles of all major bridges and tunnels between Manhattan and New Jersey and has quick access to all the major airports. The hotel features 46 king rooms and 35 double bed rooms. The hotel will have on-site guest parking, an amenity not available at competing hotels in the area. The property is subject to a ground lease that has a term of 48 years.

ValueXpress worked pretty much non-stop 12-14 hours a day on this transaction beginning on December 8, when Jim Brett, senior underwriter at ValueXpress, took a car service from the Manhattan-based ValueXpress office to meet a borrower in central New Jersey and pick up 18 inches of paperwork on the potential deal. At the same time, Michael Sneden, Executive Vice President of ValueXpress, visited the property in the Red Hook section of Brooklyn, NY. The deal was submitted on December 13, 2010 to meet the SBA cutoff for a 90% guaranty and fee waiver.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Closes $5-Million SBA 7(a) Loan with 90% Guarantee for a Beverage Distribution Company in Batesville, MS

ValueXpress closed on a $5-million first-mortgage loan commitment with its Mississippi banking partner, Guaranty Bank and Trust Company, on a 90% guaranteed SBA 7(a) loan for a beverage distribution company located in Batesville, MS. The property securing the loan is a one-story 59,500-square-foot industrial warehouse/distribution building and a 5,600-square-foot maintenance building, both constructed in 2000 on a 22.65-acre site in Batesville, MS. The main facility is a 3-section building consisting of a 9,500-square-foot office complex with a lobby, gift shop, administrative and executive offices, training and conference room, and storage rooms. The center section is a 20,000-square-foot delivery truck staging area with a ceiling height of 27 feet and overhead glycol piping utilized to keep truck cargo cold. The warehouse is 30,000 square feet and climate controlled with a ceiling height of 22/27 feet. The facility was constructed at a cost of over $6.5 million in 2000. The property is in excellent condition and is located within a half-mile of I-55, enabling trucks to quickly travel to distribution points within the company's market.

“The borrower gave me a great big bear-hug at closing,” commented Jay Bhakta, a senior loan originator at the ValuXpress Jackson, MS office. “After the loan was rejected by the USDA Business and Industry (B&I) guaranteed loan program in the fall, the borrower thought the deal was dead. But we brought it back from the ashes!”

“The SBA applauds the efforts of Guaranty Bank and ValueXpress in processing and closing this SBA loan on behalf of the borrower,” said Rhonda Fisher, Supervisory Lender Relations Specialist for the Mississippi District Office of the SBA. “This $5-million loan was the first loan in the State of Mississippi approved and closed at the new SBA limits,” commented Fisher.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS


ValueXpress Closes $1,950,000 SBA 7(a) Loan with 90% Guarantee for a Country Inn & Suites Hotel in Lumberton, NC

ValueXpress closed on a $1,950,000 first-mortgage loan commitment secured by a 57-room limited-service hotel operating under a Country Inn & Suites franchise. The loan was supported by a 90% SBA loan guarantee. The property, built in 1998, is located in Lumberton, NC at Exit 20 of I-95. Lumberton is situated on I-95, 20 miles north of the South Carolina border. The property, adjacent to the exit and easily visible from the highway, is the first hotel encountered at the exit.

The loan was sponsored by Lumbee Guaranty Bank. The borrower arranged for Lumbee and ValueXpress to work together on the refinancing, recognizing that ValueXpress had substantial experience in the origination and packaging of SBA 7(a) loans, while Lumbee could continue to build its long-standing client relationship by sponsoring the loan. Based on the positive experience, Lumbee and ValueXpress are committed to working together on additional SBA 7(a) loans in North and South Carolina.

“ValueXpress and Lumbee did a spectacular job for me,” said Harish Amin, owner of the property. “The existing lender offered me an incentive if I closed this loan by the middle of November and they got it done!” said Amin. “I am grateful to Lumbee and ValueXpress as they saved me a significant amount of money.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $800,000 Commitment to Construct Leasehold Improvements for a 20,000-Square-Foot Fitness Center

ValueXpress obtained an $800,000 commitment from Country Bank, New York, N.Y., for a 10-year self-amortizing leasehold improvement loan subject to receipt of a SBA 7(a) loan guarantee. The loan will be used to finance leasehold improvements to renovate, expand and reposition a health club/fitness center located in an office park in Yonkers, N.Y. The new space will combine two existing business, Two Jacks, Inc. DBA Gym Cats, which is a gymnastics school operated by John Ryan since 1995, and a previously operated health and racquet club under the name of Court Sports 2. Court Sports closed in February of this year. In May, Chiara LLC entered into 12-year lease for 20,216 square feet of space and reopened the health club/fitness center under the name of Equalize Fitness. The space is currently 60% renovated and should be completed in December; it will feature a newly designed area for Gym Cats, a Parisi speed school and a general fitness area.

The borrower is a long-time client of Country Bank and ValueXpress, which provided a fixed-rate CMBS conduit loan for an affiliate of the borrower in 2003. Country Bank has provided portfolio loans for the client for the past 10 years. Country Bank typically does not provide leasehold financing; however, with a 90% SBA 7(a) guarantee and outside real estate as additional collateral, Country Bank was able to accommodate the client.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $4.5-Million SBA 7(a) Loan Commitment with 90% Guarantee for a Beverage Distribution Company in Batesville, MS

ValueXpress obtained a $4.5-million first-mortgage loan commitment with its Mississippi banking partner, Guaranty Bank and Trust Company, from the SBA for a beverage distribution company located in Batesville, MS. The property securing the loan is a 1-story 59,500-square-foot industrial warehouse/distribution building constructed in 2000 on a 22.65-acre site in Batesville, MS and a 5,600-square-foot maintenance building. The main facility is a 3-section building consisting of a 9,500-square-foot office complex with a lobby, gift shop, administrative and executive offices, training and conference room, and storage rooms. The center section is a 20,000-square-foot delivery truck staging area with a ceiling height of 27 feet and overhead glycol piping utilized to keep truck cargo cold. The warehouse is 30,000 square feet and climate controlled with a ceiling height of 22/27 feet. The facility was constructed at a cost of over $6.5 million in 2000. The property is in excellent condition and is located within a half-mile of I-55, enabling trucks to quickly travel to distribution points within the company's market.

“The project is an example of lender perseverance,” commented Jay Bhakta, a senior loan originator with ValuXpress who is located in its Jackson, MS office. “We originally underwrote and submitted the loan as a USDA Business and Industry (B&I) guaranteed loan application, but after significant passage of time, the USDA ruled that the cash price paid for the distribution rights (in excess of $1 million) for a major beverage product was an “intangible” asset and did not qualify for inclusion as an asset for the 10% tangible net worth calculation for the USDA B&I program,” said Bhakta. The client was devastated by the ruling as it did not meet the program guidelines once the distribution rights were removed from the calculation. “I was watching the progress of the potential increase for the 7(a) program in the meantime,” noted Bhakta. “Once it was approved, I went back to the client and orchestrated a re-underwriting and switch to the SBA 7(a) program and submitted the loan in the first week applications at the higher level were accepted. Now the client is thrilled, as the USDA fee would have been 2%, and the SBA fee is zero.”

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $1,950,000 SBA 7(a) Loan Commitment with 90% Guarantee for a Country Inn & Suites Hotel in Lumberton, NC

ValueXpress obtained a $1,950,000 first-mortgage loan commitment from the SBA for a 57-room limited-service hotel operating under a Country Inn & Suites franchise. The 90% SBA loan guarantee of $1,755,000 is the first loan approval for ValueXpress based on the new SBA guarantee limits. Prior to October 18, 2010, the maximum guarantee would have been $1,666,666; however, this loan was approved on October 29 under the new rules. The property, built in 1998, is located in Lumberton, NC at Exit 20 of I-95. Lumberton is situated on I-95, 20 miles north of the South Carolina border. The property, adjacent to the exit and easily visible from the highway, is the first hotel encountered at the exit.

The loan was sponsored by Lumbee Guaranty Bank. The borrower arranged for Lumbee and ValueXpress to work together on the refinancing, recognizing that ValueXpress had substantial experience in the origination and packaging of SBA 7(a) loans, while Lumbee could continue to build its long-standing client relationship by sponsoring the loan. Based on the positive experience, Lumbee and ValueXpress are committed to working together on additional SBA 7(a) loans in North and South Carolina.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Closes the Refinancing of a 58-Room Limited-Service Hotel in Ithaca, NY using the USDA B&I Program

ValueXpress closed on a $3.6 million USDA loan note guarantee (80% of the loan amount) to support a $4.5 million refinancing of a 58-room limited-service hotel located in Ithaca, NY. The loan refinanced a first mortgage held by Ares Capital and a second mortgage held by the bankrupt estate of Business Loan Center/Ciena Capital that in combination was utilized to construct a Country Inn & Suites hotel. The property is a two-story, 58-room (53 suites and 5 rooms) limited-service hotel (plus one apartment) completed in 2008 and situated on a 2.74± acre site in Ithaca, Tompkins County, NY operated under a Country Inn & Suites franchise. Garuda Hotels acquired the hotel site in June 2005. The borrower has been a ValueXpress client since 1999.

The transaction, closed by Country Bank, a $450-million community bank based in New York City, was handled by Michael D, Sneden, Executive Vice President at ValueXpress, and Tim Moffett, Vice President, Government Lending Programs for Country Bank. The loan was closed by Michael Kennedy of Lawrence and Walsh, a leading real estate law firm in the region that specializes in closing government-guaranteed loans.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains Commitment Using SBA 504 Loan Program for the Acquisition of an Industrial Building in Long Island, NY

ValueXpress obtained a $1,438,335 first-mortgage loan commitment in conjunction with a $1,555,665 SBA 504 second-mortgage loan to be utilized to acquire a single-story industrial building located in Farmingdale, NY. The property is utilized as a showroom, warehouse and distribution center for a granite slab importer/wholesaler. In 2009-2010, the borrower renovated the showroom at a cost of $325,000. The company, which has captured the upper end of the market by selling only "first choice" grade granite, has supplied counters, floors, wall hangings and other unique granite pieces to wealthy eastern Long Island clients for many years.

Country Bank, a New York City-based community bank, provided the first mortgage commitment. The Long Island Development Corporation sponsored the SBA 504 portion of the loan. The borrower had seven years of experience in the distribution of unique marble pieces, a talent derived from the owner’s former experience in the fashion industry. The purchase provided an opportunity to expand the business to prepare for future growth.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Closes $225,000 SBA 7(a) Loan to Construct Leasehold Improvements for a Subway Restaurant; Borrower Plans Call for 10 Additional Sites

ValueXpress closed a $225,000, 10-year self-amortizing leasehold improvement loan program to construct leasehold improvements for a Subway restaurant located in Rolling Fork, Mississippi. The loan was underwritten and submitted to the SBA on behalf of Guaranty Bank, the Mississippi banking partner of ValueXpress.

“The borrower was extremely pleased with the loan process and has requested that we finance an additional 10 locations,” said Jay Bhakta, who manages the ValueXpress loan office in Mississippi. “Since each location requires $225,000, this would have exceeded the SBA limit of $2 million; however, with the new Small Business bill expected to increase the SBA limit to $5 million, we will be able to accommodate the client, which makes me very pleased,” said Bhakta.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress obtained an $866,000 construction loan commitment from ValueXpress’ Mississippi banking partner, Guaranty Bank to be used to construct an 8,000-square-foot retail building that has been pre-leased to three tenants. The transaction was originated by Jay Bhakta in Valuexpress’ Mississippi office. Bhakta faced numerous hurdles in getting the project committed. First, the borrowers approached him after significant time had passed on the land purchase contract, as they had been turned down at most of the local banks in the area. “The borrowers are extremely creditworthy,” explained Bhakta, “but the local banks just do not want to make construction loans. The borrowers were going to lose a significant deposit if I did not obtain a commitment for them quickly.” Luckily, ValueXpress and Bhakta have a significant relationship with Guaranty Bank, which quickly committed to the deal. But then another issue arose, as the property had a drainage basin that impinged on the building’s footprint. Bhakta brought in a construction company that he worked with on prior projects; the company solved the problem and will likely be awarded the construction contract. “Borrowers think I am just a lender, but I wear many hats to get these projects done for my clients,” said Bhakta.

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000-square-foot Multi-Tenant Retail Building in Vicksburg, MS

ValueXpress Obtains $225,000 SBA 7(a) Loan Commitment to Construct Leasehold Improvements for a Subway Restaurant

ValueXpress obtained a $225,000, 10-year self-amortizing leasehold improvement loan commitment from the SBA 7(a) loan program to construct leasehold improvements for a Subway restaurant located in Rolling Fork, Mississippi. The loan was underwritten and submitted to the SBA on behalf of ValueXpress’s Mississippi banking partner, Guaranty Bank. The SBA approved the loan seven days after submission. The borrower, Parsotam Rolling Fork, Inc., was very pleased with the turnaround on the loan, which will allow the restaurant to open on schedule at the end of September.

“We are extremely pleased with our relationship with ValueXpress and their expertise in navigating the SBA 7(a), 504 and Business and Industry loan programs for the benefit of Guaranty Bank and its customers,” commented Jerry Gillespie, chief credit officer for Guaranty Bank. “We intend to increase our lending volume using these programs because ValueXpress can provide the back-office manpower we need to process loan applications in a timely manner to meet our clients needs.”

ValueXpress Obtains $225,000 SBA 7(a) Loan Commitment to Construct Leasehold Improvements for a Subway Restaurant

ValueXpress Obtains $1.33-Million Fannie Mae Small Balance Loan to Refinance a Maturing CMBS Conduit Loan

ValueXpress obtained a $1,332,500 first mortgage loan that was utilized to refinance a CMBS conduit loan that was set to mature in September. The Mississippi borrower is a long-time client of ValueXpress as the firm has provided ten CMBS conduit loans over a 10-year period.

“We explained to the client that they should start the process early, which the client agreed to do,“ commented Jay Bhakta, a senior loan originator who represented ValueXpress in the transaction. “As it turns out, the loan can only be closed on the first of the month without incurring double interest payable to both the old CMBS lender and the new lender,” explained Bhakta. “The transaction was further complicated by the subject loan being cross-collateralized with a smaller property that did not qualify for Fannie Mae financing. We coordinated a local bank loan on the smaller property to be closed simultaneously on the first day of the month with the subject loan,” commented Bhakta. The new loan carried a rate below 5.5% and provided a 10-year term based on a 30-year amortization schedule.

The property is a 64-unit class “B” garden-style apartment complex located in Brookhaven, Mississippi. The property is 98% occupied and has been owned and managed by the borrower for over 10 years.

“Until the CMBS conduit market returns to normal, we will continue to provide viable options through Fannie Mae, Freddie Mac and HUD 223(f) to provide attractive financing alternatives to our existing and new clients,” noted Michael D. Sneden, Executive Vice President at ValueXpress

ValueXpress Obtains $1.33-Million Fannie Mae Small Balance Loan to Refinance a Maturing CMBS Conduit Loan

ValueXpress Obtains USDA B&I Loan Commitment for the Refinancing of a 58-Room Limited-Service Hotel in Ithaca, New York

ValueXpress obtained a $3,600,000 USDA loan guarantee (80% of the loan amount) to support a $4,500,000 refinancing of a 58-room limited-service hotel located in Ithaca, New York. The loan will refinance a first mortgage held by Ares Capital, and a second mortgage held by the bankrupt estate of Business Loan Center/Ciena Capital that in combination was utilized to construct a Country Inn & Suites hotel. The property is a two-story, 58-room (53 suites and 5 rooms) limited-service hotel (plus one apartment) completed in 2008 and situated on a 2.74± acre site in Ithaca, Tompkins County, NY operated under a Country Inn & Suites franchise. Garuda Hotels acquired the hotel site in June 2005. The property is in excellent condition and derives significant room demand from its proximity to Ithaca College, which is located less than a half mile from the hotel. In addition, supplemental demand is derived from its proximity to Cornell University and leisure demand is found in the spring, summer and fall related to attractions in and around Ithaca. The loan was processed by Karen McDonnell, Business Programs Specialist with the New York USDA. “Karen was terrific,” said Michael D. Sneden, Executive Vice President at ValueXpress. “She was fast, efficient and delivered exactly what we applied for, and she recommended some very good ideas on how to structure the loan. We are actively seeking more USDA loans in New York to have more opportunities to work with Karen.”

ValueXpress Obtains USDA B&I Loan Commitment for the Refinancing of a 58-Room Limited-Service Hotel in Ithaca, New York

ValueXpress Provides SBA 504 Loan for the Acquisition of an Industrial Building in Long Island, New York

ValueXpress closed a $1,750,000 first-mortgage loan in conjunction with a $1,400,000 SBA 504 second-mortgage loan utilized to acquire a single-story industrial building. The property, located on eastern Long Island, NY, is utilized as an arcade. The Long Island Development Corporation sponsored the SBA 504 portion of the loan. The borrower had ten years’ experience in the distribution of arcade machines, including pinball machines, video games, pool tables, interactive games and related entertainment games. The purchase provided an opportunity to expand the business to the retail sector.

ValueXpress Provides SBA 504 Loan for the Acquisition of an Industrial Building in Long Island, New York


ValueXpress Provides SBA 504 Loan for the Acquisition of an Office Building in Florida

ValueXpress closed a $600,000 first-mortgage loan in conjunction with a $240,000 SBA 504 second-mortgage loan utilized to acquire and renovate a 3,000-square-foot former single-story residential property into office space. The property is located on the East Coast of Florida and a property appraisal company is expanding into the space. “The borrower owns the adjacent office building, and we arranged a simultaneous cash-out refinance to provide the equity to purchase the subject property,” commented Michael D. Sneden, Executive Vice President of ValueXpress. The transaction featured a waiver of the 0.5% SBA fee and other CDC fees.

ValueXpress Provides SBA 504 Loan for the Acquisition of an Office Building in Florida

ValueXpress Obtains $500,000 SBA 7(a) Loan Commitment Prior to Expiration of Stimulus Funds

ValueXpress obtained a $500,000 first-mortgage loan commitment from the SBA on May 28, 2010, just prior to the expiration of the stimulus program on May 31, 2010. “This was a classic case of the extra mile ValueXpress goes for its clients,” explained Michael D. Sneden, Executive Vice President of ValueXpress. “I was contracted by the borrower, a dentist in northern New Jersey, in the first week of May. The borrower indicated that he had a very high-rate, 30-year fixed-rate loan secured by his dental office. He wanted to refinance the loan, but did not want a balloon or a floating rate. I grabbed my computer with my SBA forms and files and headed over to his office on Wednesday May 12. (Yes, a day off for my client, but he doesn’t play golf anyway.) We worked for 6 hours to complete the entire file and wore out his copy machine. I underwrote the deal, obtained a commitment from Country Bank to fund the deal and submitted to the SBA on May 21st, since Country Bank is not a PLP lender in the 7(a) program. We received the SBA guarantee on May 28th and the borrower was very impressed with the effort. The loan was structured as a floating rate with a cap and floor, with the cap set at the same rate as the current fixed rate. So long as the floating rate is below the cap, the borrower wins. We expect the borrower to save over $100,000 over the life of the new loan.”

ValueXpress Obtains $1.72-Million Conventional Loan for a Mixed-Use Property Located in Brooklyn, NY

ValueXpress obtained a $1,720,000 first-mortgage loan that was utilized to refinance existing debt of $1,100,000 and $345,000 in equipment loans on a mixed-use property. The cash-out proceeds of $275,000 partially recovered the borrower’s substantial investment in property improvements. The property is a two-story, mixed-use retail/residential building located in the Park Slope section of Brooklyn, NY. The property, which was once two separate buildings, was constructed in the 1920s and consists of an owner-occupied retail unit on the ground floor (operated as an Italian restaurant) and four residential units above. The conventional portfolio loan was provided by Country Bank. The transaction was structured as a five-year, fixed-rate loan with the option to renew after the five-year period for another five years based on an index over the NY FHLB rate.

ValueXpress Obtains $3.15-Million Fannie Mae DUS Loan to Refinance a Maturing CMBS Conduit Loan

ValueXpress obtained a $3,150,000 first mortgage loan that was utilized to refinance a CMBS conduit loan set to mature in September. The Mississippi borrower is a long-time client of ValueXpress as the firm has provided ten CMBS conduit loans over a 10-year period. “We explained to the client that they should start the process early, which the client agreed to do,“ said Jay Bhakta, a senior loan originator who represented ValueXpress in the transaction. “As it turns out, the loan can only be closed on the first of the month without incurring double interest payable to both the old CMBS lender and the new lender,” explained Bhakta. “This required an unanticipated additional 30 days to coordinate, but since we had extra time prior to maturity, it did not affect the transaction. In addition, the new loan carried a rate below 6%, while the maturing loan was well over 8%, providing immediate savings by closing early. The property is a 120-unit class “B” garden-style apartment complex located in suburban Jackson, Mississippi. The property is 92% occupied and has been owned and managed by the borrower for over 10 years. “Until the CMBS conduit market returns to normal, we will continue to provide viable options through Fannie Mae, Freddie Mac and HUD 223(f) to provide attractive financing alternatives to our existing and new clients,” noted Michael Sneden.

ValueXpress Obtains $1.65-Million Loan for the Purchase and Reflagging of a Limited-Service Hotel in Texas

ValueXpress obtained a $1,650,000 first-mortgage loan to be utilized for the acquisition of a limited-service hotel located in southern Texas. The loan was co-originated with a ValueXpress partner bank located in Texas utilizing the SBA 7(a) loan guaranty program. The transaction was challenging since the property is a less-desirable exterior-corridor hotel that was losing its mid-tier franchise. As the market in which the property is located is well represented by most of the major franchises, only a budget-level franchise was available. This presented an underwriting challenge to determine the anticipated level of ADR and occupancy under the new franchise. ValueXpress prepared a complete market study at no charge to the client to determine projected revenue, operating expenses, and estimated property value. The work enabled the property buyer to negotiate a discount to the contract price based on outcome of the market study. “This is an example of the extra mile we go to help our clients,” commented Jay Bhakta, a senior loan originator who represented ValueXpress in the transaction.

ValueXpress Provides $2.5-Million Loan for the Refinance of 8 KFC Restaurants at a Discount of over $6 Million

ValueXpress closed a $2,500,000 first mortgage loan consisting of $2 million to pay off of an existing $7.4-million loan at a discount and a $500,000-renovation holdback. The loan is secured by 8 KFC restaurants. The loan resulted in forgiveness of over $6 million in debt for the borrower. Although the forgiveness of debt creates a large tax liability for the guarantor, President Obama’s stimulus packages provided a provision to allow the taxes on forgiveness of debt to be paid over an extended period. The 20-year loan was structured with a renovation holdback that will be utilized to upgrade the restaurants to the most recent KFC brand standards. The restaurants range from 1,600 square feet to 3,800 square feet and are located in Ohio and western Pennsylvania.

ValueXpress Provides SBA 504 Loan for the Acquisition of a Holiday Inn Express Limited Service Hotel

ValueXpress closed a $2,125,000 first mortgage loan in conjunction with a $1,335,000 SBA 504 second mortgage loan utilized to acquire a 70-room interior-corridor property located in central Minnesota. Constructed in 1995, the hotel is in excellent condition. The property draws primary demand from business and leisure travelers in central Minnesota. “The transaction was a challenge in that the hotel is located in a relatively rural area, with a population of under 10,000 people and not proximate to an interstate highway,” said Jim Brett, who underwrote the deal for ValueXpress. “We completed an intensive market demand report in order to support future room demand for the hotel to get the deal done.”

ValueXpress Closes Loan Secured by Mixed-Use Property in Brooklyn, NY

ValueXpress arranged a $1,720,000 first mortgage loan secured by a two-story mixed-use retail/residential building located in the Park Slope section of Brooklyn, New York.  The loan was closed by its New York-based banking partner, Country Bank, for its portfolio.  The property consists of an owner-operated Italian restaurant, located on the ground floor and operating in a 3,600-square-foot retail space, and four residential units consisting of 3,100 square feet.  The 10-year loan provides for two five-year fixed-rate periods.  Loan payments are based on a 25-year amortization schedule.  “We were pleased to deliver this high-quality, well-located transaction to Country Bank,” Michael Sneden, Executive Vice President of ValueXpress said. “The owner-occupant business generates over two times DSCR, and we anticipate this loan to be a high performer in the Bank’s portfolio."

ValueXpress Closes an SBA 7(a) Loan Secured by a Super 8 Hotel

ValueXpress closed a $960,000 first mortgage loan secured by a Super 8 limited service hotel located in metropolitan Dayton, Ohio. The 25-year fixed-rate loan carries an interest rate in the 6% area and is full recourse. The loan was closed through the SBA 7(a) program. The property is a 60-room interior-corridor property serving a suburban community in Dayton, Ohio that was purchased by an experienced hotel owner-operator. The property is located in proximity to retail and commercial areas that provide room demand. The transaction was challenging as the seller maintained very poor books and records. Thankfully, the ValueXpress originator on the transaction, Gary Unkel, has an accounting background and was able to re-create the property’s financial statements using Peachtree accounting software. “We were pleased to be able to provide this financing given the lack of detailed financial statements,” Unkel said. “This transaction is another example of what ValueXpress does for its clients.”

ValueXpress Closes on the Purchase of a Portfolio of Nine Owner-Occupied Loans

ValueXpress provided due diligence services related to the negotiation and purchase of nine performing owner-occupied loans at a discount to face amount on behalf of Country Bank, a N.Y. commercial bank with $500 million in assets. The loans, with a principal balance in excess of $6 million, are located in the New York metropolitan area and are secured by general-purpose real estate buildings in which the owner of the real estate operates a business on the property. The net income from the business provides at least 1.25x debt-service coverage. The seller was a Florida institution that inherited the loans from a failed financial institution. “We are going to work with the borrowers to refinance the loans to allow Country Bank to make a capital gain on the purchase discount, which will immediately flow to the bank’s profit and capital,” said Michael D. Sneden, Executive Vice President at ValueXpress, who worked on the transaction with Associate Jim Brett. “We are aggressively seeking more discounted performing loan opportunities on behalf of our banking clients to help them take advantage of the profit potential provided from the demise of failed financial institutions.”

ValueXpress Obtains a $2,550,000 Loan to Refinance a Limited Service Hotel in Upstate NY

ValueXpress closed a $2,550,000 first mortgage loan secured by an Econolodge limited service hotel located in upstate New York. The 5-year fixed-rate loan carries an interest rate in the mid-6% area and is full recourse. The loan was closed through the owner-occupied loan program offered by ValueXpress. The loan does not have an SBA component. The property is a 72-room interior-corridor property serving a college community. The refinancing allowed the borrower to refinance the loan held by an out-of-territory commercial bank that did not want to extend the loan. The loan included working capital that was utilized to pay for some cost increases on another property owned by the sponsor. The sponsor is a long-time client of ValueXpress, as this transaction was the third loan provided by ValueXpress since 1999. “We were pleased to be able to provide this financing given the declining performance in the hotel sector and general aversion to hotel loans, particularly without any SBA support,” said Jim Brett, who underwrote the loan for ValueXpress.

ValueXpress Obtains $20,500,000 Commitment Under HUD 223(f) Multifamily Program

ValueXpress obtained a $20,500,000 Commitment from HUD to insure a loan secured by Mansion House Apartments, a 28-story mixed-use apartment complex located on 4th Street in downtown St. Louis, MO. The property contains 416 apartment units, 70,000 square feet of office space and a 558-car parking garage. The property was constructed in 1966. The commitment was obtained for a long-standing ValueXpress client. ValueXpress originally arranged a $12.4-million CMBS conduit loan for the property in 1993 at an interest rate of 8.4% and subsequently arranged a CMBS conduit loan refinance in 1998 for $17.7 million. The 35-year fixed-rate loan is anticipated to close with a interest rate under 5.5%. “The HUD 223(f) loan program provided over $2 million more proceeds than any other competing loan refinance offer,” notes Louis Tallarini, a principal with ValueXpress.

ValueXpress Provides SBA 504 Loan for the Acquisition of a Holiday Inn Express Limited
Service Hotel

ValueXpress closed a $2,940,000 first mortgage loan in conjunction with a $1,805,000 SBA 504 second mortgage loan utilized to acquire a 77-room interior-corridor property located on Interstate 90 in northeastern Ohio. The property is 2 miles from Lake Erie. The hotel was construction in 1999 and is in excellent condition. The property draws primary demand from business and leisure travelers along I-90. “The transaction was a challenge in that one of the guarantors had no SBA eligibility remaining as the individual had already borrowed funds from the SBA up to the $2-million limit,” Jim Brett, who underwrote the deal for ValueXpress, said. “We worked with all the principals of the borrower and the SBA to craft a solution to create eligibility,” Brett said.



ValueXpress Provides Loan to Refinance a
Days Inn Limited Service Hotel

ValueXpress closed a $1,495,000 first mortgage loan secured by a Days Inn limited service hotel located in Alabama. The 30-year fixed-rate loan carries an interest rate in the low 7% area and is full recourse. The loan was closed through the owner-occupied loan program offered by ValueXpress. The loan does not have an SBA component. The property is a 53-room exterior-corridor property serving a smaller community. The refinancing allowed the borrower to release a vacant land parcel from the loan security for future development of a restaurant facility. In addition, the loan allowed for the recapture of recently completed capital improvements to the property. “We were pleased to be able to provide this financing in a difficult lending environment,” said Jim Brett, who underwrote the loan for ValueXpress, “particularly without any SBA support.”

ValueXpress Provides SBA 504 Loan for Brooklyn-Based Clothing Exporter

ValueXpress closed a $1,750,000 first mortgage loan and a $1,400,000 SBA 504 second mortgage loan secured by two industrial properties located in Brooklyn, New York. Gary Unkel, who originated the loan on behalf of a long-time client, commented, “The company needed additional warehouse and office space based on its rapidly expanding business and the SBA program was perfect, providing overall 90% financing for the $3,500,000 purchase. The low down-payment allowed the business owner to use more working capital to expand the business.” The company deals in the sale of previously used clothing, footwear and toys. These items are purchased by the pound, and items in good condition are resold in vintage clothing stores in the New York metro area, while the balance is exported, primarily to Guatemala. The blended interest rate on the loan approximated 6%.

ValueXpress Provides $2,200,000 Fannie Mae Small Balance Loan

ValueXpress provided a $2,200,000 loan secured by a 37-unit garden apartment complex located in Pascagoula, Mississippi. The property was constructed in 1978 with the first floor and portions of the second floor gut renovated in 2007 after the building suffered extensive damage as a result of Hurricane Katrina. The two-story complex contains six buildings and was 97% occupied at closing. The purpose of the loan was to refinance seller-provided funding that enabled the borrower to close on the purchase of the property in December 2007 to capture income tax benefits related the Hurricane. The property seller is a long-time client of ValueXpress. The 80% LTV, 10-year fixed-rate loan amortizes based on a 30-year schedule.

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ValueXpress Arranges $6.2-Million CMBS Conduit Loan for the Refinance of a 69-Room Best Western Hotel in Houston, TX

 

RECENT CLOSINGS

ValueXpress Obtains $6.8-Million CMBS Conduit Loan for a Portfolio of 3 Multifamily Properties Located in Augusta and Greenville, SC

ValueXpress Obtains $1,725,000 Bridge Loan for the Acquisition of a Mixed-Use Retail/Office Building in Staten Island, NY

ValueXpress Obtains $6.65-Million CMBS Conduit Loan for a Single-Tenant Industrial Flex Building

ValueXpress Arranges $2,400,000 CMBS Conduit Loan for the Purchase of a 68-Unit Multifamily Apartment Complex in Hartford, CT

ValueXpress Arranges $7,250,000 CMBS Conduit Loan for the Refinance of an 88-Room Quality Suites Located in Atlanta, GA

ValueXpress Arranges $4,875,000 CMBS Conduit Loan for the Refinance of a 90-Unit Apartment Complex Located in Homestead, FL

ValueXpress Obtains $5.5-Million CMBS Conduit Loan for the Refinance of a 78-Room Hampton Inn & Suites in Richland, MS

ValueXpress Obtains $6.1 Million CMBS Conduit Loan for CCTG Grad for the Refinance of Grand Haven Villas Apartments II in Bowling Green, KY

ValueXpress Arranges $5.5-Million CMBS Conduit Loan for the Refinance of a 91-Room Best Western Hotel Located in Yuba City, CA

ValueXpress Arranges $5,200,000 Loan for the Purchase of a Fairfield Inn & Suites in Chattanooga, TN

ValueXpress Arranges $20-Million CMBS Conduit Loan for the Refinance of a Portfolio of Drugstores Located in Michigan, Georgia and Puerto Rico

ValueXpress Obtains $6.1-Million CMBS Conduit Loan for a 9-Building Industrial Park Located in Naples, FL

ValueXpress Arranges $5.2-Million CMBS Conduit Loan for the Refinance of a 74-Room Holiday Inn Express Located in Fort Worth, TX

ValueXpress Obtains $2.8-Million CMBS Conduit Loan for a Single-Tenant industrial Building in Saint George, UT

ValueXpress Arranges $6,200,000 CMBS Loan for the Refinance of a 114-Room Holiday Inn Express in Orange City, FL

ValueXpress Obtains a $7-Million CMBS Conduit Loan for a Portfolio of Dollar General Stores

ValueXpress Obtains $4-Million CMBS Conduit Loan for Hastings Self-Storage in Westchester County, NY

ValueXpress Obtains $3.7-Million CMBS Conduit Loan for a Class A Office Building Located in Boca Raton, FL

ValueXpress Obtains $15,470,000 CMBS Loan for a Hilton Garden Inn located in West Virginia

ValueXpress Obtains $3-Million CMBS Conduit Loan for the Purchase of a 64-Room Best Western Inn & Suites Located at Cleveland, OH Airport

ValueXpress Obtains $15-Million CMBS Conduit Loan for the Refinance of the Ambridge Regional Distribution and Manufacturing Center in Ambridge (Pittsburgh), PA

ValueXpress Obtains $3-Million CMBS Conduit Loan for a Shopping Center in Hiram, GA

ValueXpress Obtains $1,750,000 SBA 7(a) Loan Secured by a 57-Room Super 8 Hotel in Clinton, MS

ValueXpress Arranges $30-Million CMBS Conduit Loan for the Refinance of a Portfolio of Six Hotels in the Southeast

ValueXpress Arranges $3.1-Million CMBS Conduit Loan for the Refinance of a Walgreens Drugstore in Vermont

ValueXpress Arranges a $28-Million CMBS Conduit Loan for the Refinance of an 8 Building Office Suite Portfolio in Indianapolis, IN and Dallas, TX

ValueXpress Arranges $5.3-Million CMBS Conduit Loan for the Refinance of 80-Room Holiday Inn Express in Tucumcari, N.M.

ValueXpress Arranges $7,150,000 CMBS Conduit Loan for the Refinance of Two Drugstores in New Jersey and North Carolina

ValueXpress Arranges $4-Million CMBS Conduit Loan for the Refinance of an 80-Room Holiday Inn Express and Suites Hotel in Canton, MS

ValueXpress Obtains $13.6-Million CMBS Conduit Loan for a Neighborhood Shopping Center in Charleston, WV

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

ValueXpress Arranges $5,950,000 CMBS Conduit Loan for the Refinance of a 75-Room Holiday Inn Express and Suites Hotel Located in Guymon, OK

ValueXpress Arranges $4.54-Million CMBS Conduit Loan for the Refinance of a 63-Room Country Inn & Suites in Pensacola, FL

ValueXpress Arranges $9.1-Million CMBS Conduit Loan for the Refinance of 104-Room Holiday Inn Express in North Scottsdale (Phoenix), AZ

ValueXpress Arranges $3.15-Million SBA 504 Loan for the Purchase of a 16,000 SF Industrial Building in Brooklyn, NY

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

ValueXpress Arranges $4.8-Million CMBS Conduit Loan for the Refinance of a 67-Room LaQuinta Inn & Suites in Brandon, MS

ValueXpress Obtains $5.7-Million CMBS Conduit Loan for a 240-Unit Apartment Complex in Houston, TX

ValueXpress Obtains $6,650,000 CMBS Conduit Loan for a 92-Room Hilton Garden Inn Located in Chesapeake, VA

ValueXpress Obtains $4.8-Million CMBS Conduit Loan for Neighborhood Shopping Center Located in Mansfield, Warren County, NJ

ValueXpress Arranges $5-Million CMBS Conduit Loan for the Refinance of a 54-Room Hampton Inn Hotel in Portland (Corpus Christi), TX

ValueXpress Arranges $3.2-Million CMBS Conduit Loan for the Refinance of a 55-Room Best Western Hotel in Lake Charles, LA

ValueXpress Arranges an $8.7-Million CMBS Conduit Loan for the Refinance of a 74-Room Comfort Inn & Suites in Beaumont, TX and a 56-Room LaQuinta Inn & Suites in Lumberton, NC

ValueXpress Arranges a $4-Million CMBS Conduit Loan for the Refinance of an 80-Room Hampton Inn & Suites Located in Canton, MS

ValueXpress Obtains $5-Million CMBS Conduit Loan for a Retail Power Center in Dover, DE for Client of CCTG Grad

ValueXpress Obtains $9-Million CMBS Conduit Loan for a Neighborhood Shopping Center in Wilmington, DE for Client of CCTG Grad

ValueXpress Obtains $7,340,000 CMBS Conduit Loan for Refinance of a 69-Room Full-Service Holiday Inn Express Located in Rockport, TX

ValueXpress Obtains $10-Million CMBS Conduit Loan for Refinance of a 237-Room Full-Service Holiday Inn Located at Corpus Christi, TX Airport

ValueXpress Closes $9,000,000 CMBS Conduit Loan Secured by a 353-Unit Apartment Complex Located in North Charleston, SC

ValueXpress Arranges $6-Million CMBS Conduit Loan for the Refinance of 67-Room Hampton Inn Located in Clute, TX

ValueXpress Obtains $7,600,000 in CMBS Loans for a Days Inn and Red Roof Inn in Laredo, TX

ValueXpress Obtains $6,000,000 CMBS Conduit Loan for the Refinance of Upper and Lower Stone Apartments in Bowling Green, KY for CCTG Grad

ValueXpress Obtains a $3.5-Million CMBS Conduit Loan for a 66-Room Holiday Inn Express Located in Dayton, TN

ValueXpress Obtains $3,840,000 CMBS Conduit Loan for the Refinance of Grand Haven Villas Apartments located in Bowling Green, KY for CCTG Grad

ValueXpress Obtains $9.5-Million CMBS Conduit Loan for the Refinance of Two Hotels in Corpus Christi, TX

ValueXpress Arranges $3.9-Million CMBS Conduit Loan for the Refinance of a 70-Room LaQuinta Inn & Suites in Blue Springs, MO

ValueXpress Arranges a $16,810,000 CMBS Conduit Loan for the Refinance of Two Apartment Buildings in West Des Moines, IA

ValueXpress Arranges $5.3-Million CMBS Conduit Loan for the Refinance of a 75-Room Candlewood Suites in Lithia Springs (Atlanta), GA

ValueXpress Arranges $7.5-Million CMBS Conduit Loan for the Refinance of a 187-Room Independent Hotel in Punta Gorda, FL

ValueXpress Arranges $11-Million CMBS Conduit Loan for the Refinance of a 161-Room Staybridge Suites Hotel in Austin, TX

ValueXpress Arranges $21-Million CMBS Conduit Loan for the Refinance of a Hotel Portfolio in Lubbock, TX

ValueXpress Arranges $7.5-Million CMBS Conduit Loan for the Refinance of a Howard Johnson Hotel Located at Kennedy Airport in New York City

ValueXpress Arranges $22.5-Million CMBS Conduit Loan for the Refinance of a Wyndham Garden Hotel Located in San Jose, CA

ValueXpress Obtains a $22-Million CMBS Conduit Loan Secured by the 207-Room Four Points by Sheraton – San Jose South

ValueXpress Obtains a $5.42-Million CMBS Conduit Loan Secured by 101-Room LaQuinta Inn & Suites in Jupiter, FL

ValueXpress Obtains a $4,200,000 CMBS Conduit Loan Secured by a 71-Unit Apartment Complex Located in Bowling Green, KY

ValueXpress Obtains a $7,970,000 CMBS Conduit Loan for the Refinance of the Country Inn & Suites and Econolodge in Ithaca, N.Y.

ValueXpress Obtains a $9.1-Million CMBS Conduit Loan for a Holiday Inn & Suites at Phoenix Sky Harbor Airport

ValueXpress Obtains a $9.5-Million CMBS Conduit Loan to Take Out $7.5-Million Bridge Loan for a 94-Room Hampton Inn and Suites in the Dallas-Fort Worth Metroplex

ValueXpress Arranges $4.8-Million CMBS Conduit Loan for the Refinance of 73-Room Hampton Inn Located in Lakeland, FL

ValueXpress Arranges $5.2-Million CMBS Conduit Loan for the Refinance of 72-Room Holiday Inn Express in Kingwood, TX

ValueXpress Obtains $5.5-Million CMBS Conduit Loan for a Neighborhood Shopping Center in Suburban Atlanta, GA

ValueXpress Arranges $4.76-Million CMBS Conduit Loan for the Refinance of 62-Room Quality Inn and Suites Hotel Located in Bryan, TX

ValueXpress Arranges $6-Million CMBS Conduit Loan for the Refinance of 73-Room Holiday Inn Express in Snyder, TX for AAHOA Members Bharat Bhakta and Amit Bhakta

ValueXpress Arranges a $5.1-Million Conventional Loan for a Brooklyn, NY-Based Clothing Retailer

ValueXpress Arranges $7.5-Million CMBS Conduit Loan for the Refinance of 83-Room Best Western Plus at Liberty International Airport, Newark, NJ

ValueXpress Obtains $5-Million SBA 7(a) Loan Commitment for the Construction of a Holiday Inn Express Near Yankee Stadium

ValueXpress Arranges $6-Million CMBS Conduit Loan for the Refinance of 73-Room Holiday Inn Express in Snyder, TX

ValueXpress Lines Up CMBS Conduit Deal for Client of 15 Years

ValueXpress Obtains $2.685-Million SBA 7(a) Loan Commitment for a LaQuinta Inn & Suites Hotel in Walker, LA

ValueXpress Obtains $4.7-Million CMBS Conduit Loan to Refi a $2.5-Million SBA 7(a) It Originated in 2010

ValueXpress Originates $200 Million of CMBS Conduit Loans in 2013

ValueXpress Obtains a $7.5-Million Bridge Loan for a 94-Room Hampton Inn and Suites located in the Dallas-Fort Worth Metroplex

ValueXpress Obtains $5-Million SBA 7(a) Loan Commitment for an Independent Limited Service Hotel in Brooklyn, NY

ValueXpress Arranges $6.3-Million Combination CMBS Conduit Loan and Mezzanine Loan for the Refinance of 103-Room Cambria Suites in Indianapolis, IN

ValueXpress Closes $8.0-Million Conventional Loan for a Mixed-Use Building for a Brooklyn, NY-Based Clothing Retailer in Manhattan, NY

ValueXpress Obtains $6.5-Million CMBS Conduit Loan Secured by 2 Apartment Complexes Located in Biloxi, MS

ValueXpress Obtains $7,600,000 in CMBS Loans for a Days Inn and Red Roof Inn in Laredo, TX

ValueXpress Obtains $6,370,000 CMBS Loan for a Hampton Inn & Suites in Greenville, TX

ValueXpress Arranges $5-Million CMBS Conduit Loan for the Refinance of a 73-Room LaQuinta Inn & Suites in Grand Praire, TX

ValueXpress Obtains $9.75-Million CMBS Conduit Loan for a Portfolio of 2 Hotels Located in Sandusky, OH

ValueXpress Obtains $6.8-Million CMBS Conduit Loan for a Portfolio of 3 Multifamily Properties Located in Augusta and Greenville, SC

ValueXpress Obtains $17-Million CMBS Conduit Loan for a Portfolio of 3 Hotels Located in Metropolitan New Orleans, LA

ValueXpress Arranges $17 Million of CMBS Conduit Loans for the Refinance of a 130-Room Holiday Inn - Westchase in Houston, TX and a Holiday Inn Express in Webster, TX

ValueXpress Arranges $5.0-Million CMBS Conduit Loan for the Refinance of a 70-Room Hampton Inn in Port Huron, MI

ValueXpress Arranges $6.6-Million CMBS Conduit Loan for the Refinance of a 102-Room Holiday Inn Express in Port Clinton, OH

ValueXpress Obtains $8-Million CMBS Conduit Loan for a 175-Room Best Western Plus in Baltimore, MD

ValueXpress Closes $4,150,000 Fannie Mae Loan for Cordoba Apartments in Hampton, VA

ValueXpress Arranges $3.9-Million CMBS Conduit Loan for the Refinance of a 71-Room LaQuinta Inn & Suites in Katy, TX

ValueXpress Obtains Another $1-Million Conventional Loan for an Industrial Building for a Brooklyn, N.Y.-Based Clothing Exporter; This Time It’s for His Brother!

ValueXpress Arranges $3.0-Million CMBS Conduit Loan for the Refinance of a 69-Room Country Inn & Suites in Fairborn (Dayton), OH

ValueXpress Arranges $4.2-Million CMBS Conduit Loan for the Refinance of a 80-Room Candlewood Suites in Houston, TX

ValueXpress Arranges $30 Million in Loans for JPMorgan/Ladder Capital CMBS Issue

ValueXpress Obtains $5.4-Million CMBS Conduit Loan for the Refinance of a 75-Room Candlewood Suites in Kingwood, TX

ValueXpress Closes CMBS Conduit Loan on a Portfolio of 3 Limited-Service Hotels in Corpus Christi, TX

ValueXpress Obtains $5,600,000 Fannie Mae Loan Approval

ValueXpress Obtains $5,600,000 Fannie Mae Loan Approval

ValueXpress Obtains a $1.5-Million Conventional Loan for an Industrial Building for a Brooklyn, N.Y.-Based Clothing Exporter

ValueXpress Obtains $5-Million CMBS Conduit Loan Commitment for the Refinance of a 56-Room LaQuinta Inn & Suites in Fresno, CA

ValueXpress Closes $4.3-Million CMBS Conduit Loan for the Refinance of a 74-Room Comfort Suites in Panama City Beach, FL

ValueXpress Obtains $4.8-Million SBA 7(a) Loan Commitment for a Candlewood Suites Limited Service Hotel in Baytown, TX

ValueXpress Obtains $8-Million Loan Commitment for a Holiday Inn Express Hotel in Maspeth, NY

ValueXpress Closes $1.8-Million SBA 7(a) Loan, Saves Borrower’s “Life”

ValueXpress Obtains $4.5-Million Loan Commitment for an Independent Limited-Service Hotel in Baltimore, MD

ValueXpress Closes $4.5-Million Loan for an Independent Limited Service Hotel in Jamaica, NY

ValueXpress Obtains $4,000,000 Fannie Mae Loan Approval

ValueXpress Obtains $1,580,000 SBA 7(a) Loan Commitment for an AmericInn Limited Service Hotel in Munising, MI

ValueXpress Obtains $4.5-Million Loan Commitment for an Independent Limited Service Hotel in Jamaica, NY

ValueXpress Provides $1,800,000 Fannie Mae Small Balance Loan

ValueXpress Obtains $12,100,000 CMBS Loan for a Hampton Inn Hotel in Linden, NJ

ValueXpress Obtains $2.4-Million SBA 7(a) Loan Commitment for a Comfort Suites Limited Service Hotel in Houston, TX

ValueXpress Obtains a $250,000 Loan Approval for an Independent Gasoline Station in Mississippi

ValueXpress Obtains $33,750,000 CMBS Loan for 3 Hotels in West Virginia

ValueXpress Obtains a $1,400,000 SBA 7(a) Loan Commitment for a Best Western Hotel in Canton, MS

ValueXpress Closes Loan Secured by Mixed-Use Industrial Property in Brooklyn, NY

ValueXpress Obtains an SBA 504 Loan Commitment for the Acquisition of a Country Inn & Suites Limited Service Hotel in New Jersey

ValueXpress Closes SBA 7(a) Loan Secured by Dental Office

ValueXpress Obtains $4.125-Million CMBS Conduit Loan for the Refinance of an 84-Room Candlewood Suites

ValueXpress Arranges Rate Reduction for Hair Salon in Long Island, NY

ValueXpress Closes $5-Million SBA 7(a) Loan Secured by an 81-Room Comfort Inn in Brooklyn, NY

ValueXpress Closes $6,500,000 CMBS Conduit Loan Secured by a 242-Unit Apartment Complex located in Jacksonville, FL

ValueXpress Closes $875,000 SBA 7(a) Loan Secured by Americas Best Value Inn

ValueXpress Closes $2.85-Million SBA Loan for a Hampton Inn Limited Service Hotel in Killeen, TX

ValueXpress Closes $5.15-Million Commitment for the Purchase of an Independent Limited Service Hotel in Long Island City, NY

ValueXpress Closes $5-Million CMBS Conduit Loan for the Refinance of an 81-Room Candlewood Suites

ValueXpress Obtains $1.5-Million Commitment for the Refinance of a
Self-Storage Property in a Northern Cincinnati, OH Suburb

ValueXpress Revives SBA 7(a) Loan Secured by Dental Office

ValueXpress Obtains $4.9-Million CMBS Conduit Loan for a 112-Unit Apartment Complex in Lousiana

ValueXpress Obtains $5.15-Million Commitment for the Purchase of an Independent Limited Service Hotel in Long Island City, NY

ValueXpress Obtains $7.4-Million CMBS Conduit Loan for a 176-Unit Apartment Complex in Texas

ValueXpress Obtains $875,000 Loan Commitment for an Americas Best Value Inn located in Canton, MS

ValueXpress Obtains $2.85-Million Loan Commitment for a Hampton Inn Limited Service Hotel in Killeen, TX

ValueXpress Obtains $11-Million Commitment to Refinance a Franchised Limited Service Hotel at Liberty International Airport, Newark, NJ

ValueXpress Obtains $1.25-Million CMBS Conduit Loan for an Advance Auto Parts Retail Store in Southeast Florida

ValueXpress Obtains $3.5-Million SBA 7(a) Loan Commitment for a Independent Limited Service Hotel in Brooklyn, NY

ValueXpress Obtains $5.5-Million CMBS Conduit Loan for a Neighborhood Shopping Center located in suburban Atlanta, GA

ValueXpress Closes $2,085,000 Multi-family Loan

ValueXpress Obtains a $2,500,000 Commitment to Refinance a CVS Drugstore

$945,000 Loan Closes for the Construction of a Multi-Tenant Retail Building

ValueXpress Provides SBA 504 Loan for the Acquisition of a Holiday Inn Express Limited Service Hotel

ValueXpress Obtains a $945,000 Commitment for the Construction of a Multi-Tenant Retail Building

ValueXpress Obtains $4-Million Commitment to Refinance an Independent Limited Service Hotel in Brooklyn, NY

ValueXpress Obtains $4.5-Million SBA 7(a) Loan Commitment with 90% Guarantee for a Limited Service Hotel in Brooklyn, NY

ValueXpress Closes $5-Million SBA 7(a) Loan with 90% Guarantee for a Beverage Distribution Company in Batesville, MS

ValueXpress Closes $1,950,000 SBA 7(a) Loan with 90% Guarantee for a Country Inn & Suites Hotel in Lumberton, NC

ValueXpress Obtains $800,000 Commitment to Construct Leasehold Improvements for a 20,000-Square-Foot Fitness Center

ValueXpress Obtains $4.5-Million SBA 7(a) Loan Commitment with 90% Guarantee for a Beverage Distribution Company in Batesville, MS

ValueXpress Obtains $1,950,000 SBA 7(a) Loan Commitment with 90% Guarantee for a Country Inn & Suites Hotel in Lumberton, NC

ValueXpress Closes the Refinancing of a 58-Room Limited-Service Hotel in Ithaca, NY using the USDA B&I Program

ValueXpress Obtains Commitment Using SBA 504 Loan Program for the Acquisition of an Industrial Building in Long Island, NY

ValueXpress Closes $225,000 SBA 7(a) Loan to Construct Leasehold Improvements for a Subway Restaurant; Borrower Plans Call for 10 Additional Sites

ValueXpress Obtains $866,000 Loan Commitment to Construct an 8,000 Multi-Tenant Retail Building in Vicksburg, MS.

ValueXpress Obtains $225,000 SBA 7(a) Loan Commitment to Construct Leasehold Improvements for a Subway Restaurant

ValueXpress Obtains $1.33-Million Fannie Mae Small Balance Loan to Refinance a Maturing CMBS Conduit Loan

ValueXpress Obtains USDA B&I Loan Commitment for the Refinancing of a 58-Room Limited-Service Hotel in Ithaca, New York

ValueXpress Provides SBA 504 Loan for the Acquisition of an Industrial Building in Long Island, New York

ValueXpress Provides SBA 504 Loan for the Acquisition of an Office Building in Florida

ValueXpress Obtains $500,000 SBA 7(a) Loan Commitment Prior to Expiration of Stimulus Funds

ValueXpress Obtains $1.72-Million Conventional Loan for a Mixed-Use Property Located in Brooklyn, NY


ValueXpress Obtains $3.15-Million Fannie Mae DUS Loan to Refinance a Maturing CMBS Conduit Loan

ValueXpress Obtains $1.65-Million Loan for the Purchase and Reflagging of a Limited-Service Hotel in Texas

ValueXpress Provides $2.5-Million Loan for the Refinance of 8 KFC Restaurants at a Discount of over $6 Million

ValueXpress Provides SBA 504 Loan for the Acquisition of a Holiday Inn Express Limited Service Hotel

ValueXpress Closes Loan Secured by Mixed-Use Property in Brooklyn, NY

ValueXpress Closes an SBA 7(a) Loan Secured by a Super 8 Hotel

ValueXpress Closes on the Purchase of a Portfolio of Nine Owner-Occupied Loans

ValueXpress Obtains a $2,550,000 Loan to Refinance a Limited Service Hotel in Upstate NY

ValueXpress Obtains $20,500,000 Commitment Under HUD 223(f) Multifamily Program

ValueXpress Provides SBA 504 Loan for the Acquisition of a Holiday Inn Express Limited Service Hotel

ValueXpress Provides Loan to Refinance a Days Inn Limited Service Hotel

ValueXpress Provides SBA 504 Loan for Brooklyn-Based Clothing Exporter

ValueXpress provides $2,200,000 Fannie Mae Small Balance Loan

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