ValueXpress obtained a $5.0-million CMBS conduit loan commitment for the refinance of a LaQuinta Inn & Suites located in Fresno, CA that was constructed in 2007. The property is a 3-story, 56-room interior-corridor hotel constructed by the sponsors to LaQuinta brand standards. The property is in the top quartile in terms of performance within its competitive set. Furthermore, the property was awarded the “LaQuinta Inn & Suites of the Year” award in 2008. This award-winning hotel is located just minutes away from area malls, convention centers, and Grizzly Stadium. The property is within an easy drive to Yosemite National Park as well as Sequoia and Kings Canyon National Parks.
“The transaction was fast tracked as the existing loan is pre-payable only during a very narrow window,” explained Jim Brett, the deal manager for ValueXpress. “The CMBS conduit lender, the borrower and the respective legal counsels really stepped up to the plate to get this done on time,” said Brett.