ValueXpress closed on a $5-million CMBS conduit loan for the refinance of a Candlewood Suites constructed in 2009 in Houston, TX. The property is a 3-story, 81-room extended-stay interior-corridor hotel constructed by the sponsors to Candlewood Suites brand standards in 2009; its grand opening was in March 2009. Room mix is 50 king studio suites, 23 double queen studio suites and 8 king one-bedroom suites. Each suite features a fully equipped kitchen, large workspace and recliner. Kitchens include full size refrigerator/freezer, cook-top, microwave, dishwasher, cooking utensils, dishes and sink. The property features the Candlewood Cupboard, where guests can purchase food, beverages and toiletries. Additional amenities include the Gazebo Grill, Guest Laundry, Lending Library, Candlewood Gym and outdoor pool.
The loan refinanced a recourse loan held by a community bank and allowed the borrower to recoup cash invested in the construction of the property. The loan provides for a 7-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 originate additional CMBS conduit loans.