ValueXpress has arranged a $4,500,000 CMBS conduit loan for the refinance of a 64-room Hampton Inn hotel located in Santa Rosa, New Mexico. The three-story hotel was constructed in 2008. The purpose for the loan was to convert an existing floating-rate SBA loan into a 10-year fixed rate loan at a much lower rate and to take cash-out proceeds for other investments.
The hotel features an indoor pool, fitness room, business center, market pantry, guest laundry and game room. The hotel offers a complimentary hot breakfast to all guests.
The loan was originated by Jay Bhakta, Senior Loan Originator in our Jackson, Mississippi office. This is a repeat client for Jay, as ValueXpress financed a Holiday Inn Express in Tucumcari, New Mexico in 2013 for this client. Many of Jay’s clients, including this one, are members of the Asian-American Hotel Owners Association (AAHOA). Jay is a lifetime member and one way he gives back to AAHOA members is by providing hotel loans, over 200 to date.
“The transaction was completed through our “fixed-fee” program. The program fixes third-party costs (appraisal, property condition assessment, phase I environmental and lender’s legal charges) at $25,000,” noted Michael D. Sneden, Executive Vice President at ValueXpress. “This is a substantial savings.”
“We often report on how we solve multiple challenges on each transaction, but there were none here,” said Bhakta. “Start to finish in 40 days and no surprises whatsoever. The sponsor was delighted.”
To obtain a no-obligation loan quote on your next hotel CMBS transaction, contact Jay Bhakta at 601-918-2850 or at firstname.lastname@example.org.