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.”
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