ValueXpress has arranged an $8.6-million CMBS conduit loan for the refinance of a Staybridge Suites constructed in 2009 located near SeaWorld in San Antonio. SeaWorld San Antonio is a 250-acre marine mammal park, oceanarium, and animal theme park in the Westover Hills District of San Antonio, Texas on the city’s west side. It is the largest of the three parks in the SeaWorld chain owned by SeaWorld Entertainment.
The Staybridge San Antonio near SeaWorld was previously financed with a CMBS conduit loan with a seven-year term that matured in October 2018. The borrower is a long-time client of ValueXpress; this is the sixth CMBS conduit loan provided by ValueXpress for this client.
“The transaction was completed through our Fixed-Fee CMBS program,” commented Michael D. Sneden, Executive Vice President of ValueXpress. “Usually the transaction costs for third-party reports and lender legal charges are too expensive for small balance CMBS loans, but this program fixes those costs at $25,000, saving $10,000-$25,000 over typical CMBS loan programs.”
The Fixed-Fee CMBS program is available for all typical CMBS conduit loan assets in loan amounts of $1.5 million to $12.0 million. For a loan quote on a similar transaction, contact Michael Sneden, Dennis Suh or Gary Unkel.