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.”