ValueXpress has arranged a $3,425,000 SBA 7(a) loan commitment for the refinance of the Days Inn – Laredo, a 2-story, 126-room interior-corridor property that was purchased and gut-renovated by the sponsors in 2011. The property offers an outdoor pool, exercise room, outdoor barbeque and picnic area, game room, lobby workstation, guest laundry facilities and vending areas. In addition, the property features a full-service restaurant.
The Days Inn property is located on Interstate 35, which extends to San Antonio to the North and Nuevo Laredo, Mexico to the South. The neighborhood is anchored by Mall Del Norte, a large shopping mall, as well as restaurants, hotels and other retail shopping centers along the primary thoroughfares; residential areas are located along the secondary roadways.
The property is secured by a CMBS conduit loan that was originated by ValueXpress in 2013. Property performance slowed during the COVID-19 pandemic and the sponsor received minimal temporary relief from the loan servicer. ValueXpress was able to negotiate a reduction in the prepayment penalty and the sponsor also took advantage of fee and payment waivers that are being offered by the SBA that made the refinancing into an SBA 7(a) loan attractive.