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.