ValueXpress obtained a $2.5-million SBA 7(a) first-mortgage loan commitment with its banking partner, Westbound Bank, for a 2-story, 64-room limited-service franchised hotel located in Houston, TX and operating under the flag of Comfort Suites. The property was constructed in 2000. The building, situated on State Highway 249 next to Vintage Park Shopping Village, has several restaurants and retail venues. The hotel offers a quiet suburban location across the street from Hewlett-Packard USA and Lone Star College-University Park. Willowbrook Mall, St. Luke’s Episcopal Hospital, Methodist Hospital and Sam Houston Race Park are in proximity to the hotel.
“This is a good repeat client of mine who wanted to refinance out of his existing bank,” commented Jay Bhakta, a senior loan originator at the ValueXpress Jackson, MS office. “We recently completed a CMBS conduit loan for this client, and we established with the client a confidence that we could complete this 7(a) loan transaction through our broad array of products available to the hospitality industry.”