ValueXpress obtained a $5-million first-mortgage loan commitment with its New York banking partner, Country Bank, from the SBA for an independent hotel located in Brooklyn, N.Y. The loan will refinance a $5-million construction loan that was utilized to construct a 58-room limited-service hotel in Brooklyn, N.Y. The five story-plus-basement property is located in the Bedford-Stuyvesant section of Brooklyn, 1.5 miles east of the new Barclays Center sports arena. The hotel is located 100 yards from the Nostrand Ave. LIRR station with service into Manhattan and 3 blocks from the Throop Ave. subway station that also serves Manhattan.
“The transaction was our fifth loan to this hotel group,” said Michael D. Sneden, Executive Vice President of ValueXpress. “The group has been enormously successful in the construction and operation of franchised and independent limited-service hotels in the boroughs surrounding Manhattan. Its portfolio generates in excess of $2 million per year of cash flow after debt service.”
ValueXpress is currently processing another $5-million SBA 7(a) loan for a Holiday Inn Express hotel located in proximity to Yankee Stadium in the Bronx, N.Y.